EMPEROR INT'L (00163.HK): Sells Macau Property for HKD 106 Million, Constituting a Discloseable Transaction
NewTimeSpace News: On 20 August 2026, Emperor International Holdings Limited (00163.HK) announced that Yee Wing Company Limited (the seller), an indirect wholly-owned subsidiary of the company, entered into a sale and purchase agreement with Kingfield Company Limited (the buyer) for the sale of a property located at 201-209 Avenida de Almeida Ribeiro (San Ma Lo) and 1-3 Travessa do Canto (Tai Peng Hang) Macau, for a consideration of HKD 106,000,000, determined by reference to the valuation of the property of HKD 106,000,000 as at 31 July 2026 prepared by the independent professional valuer, HPL Appraisals and Consultancy Limited, using the market approach.
Of the consideration payable by the buyer, an initial deposit of HKD 20,000,000 was paid before signing the agreement, with the balance of HKD 86,000,000 payable upon completion. The property comprises five commercial units with a total gross floor area of 15,788 square feet, sold together with the existing tenancies, and is classified as a heritage building; completion must occur on or before 18 December 2026, conditional upon the company completing the necessary procedures with the Cultural Affairs Bureau of Macau for the waiver of the statutory right of pre-emption applicable to the property — if the Bureau exercises the statutory right of pre-emption, the agreement will be terminated and any deposit paid will be fully refunded (without interest).
The property generated pre-tax net rental income of approximately HKD 6,566 thousand and HKD 6,153 thousand for the two years ended 31 March 2025 and 2026 respectively. Considering the recent market conditions of the Macau property market, the board considers that the disposal provides the group with an opportunity to realise its investment in the property: compared with the original acquisition cost of approximately HKD 98,000,000, the property is being realised at a premium of approximately 8.2%; based on the carrying value of the property of HKD 120,000,000 as at 31 March 2026, the group expects to record a fair value loss of approximately HKD 14,000,000 (subject to final audit by the company's auditors). The proceeds from the disposal will be used to enrich working capital, strengthening the group's financial position and enhancing its financial flexibility. As one of the applicable percentage ratios exceeded 5% but all were below 25%, the disposal constitutes a discloseable transaction of the company, subject to reporting and announcement requirements but exempt from the shareholders' approval requirement.
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