KINGBOARD HLDG (00148.HK): HKD 2.7 Billion Purchase of Kwun Tong Property for Rental Income

NewTimeSpace News: On 13 November 2026, KINGBOARD HLDG (00148.HK) announced that its indirect wholly-owned subsidiary, as buyer, entered into an agreement with the seller acting through the receivers, the receivers and Kingboard Investments as guarantor to acquire the property at 123 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong for a total consideration of HKD 2,700,000,000.

The site covers about 48,500 square feet and comprises 19 office floors with total lettable area of about 612,188 square feet, together with a five-storey car park providing 382 spaces. The property is held under a Government lease expiring on 30 June 2047, is about 61% let and is sold on an "as is" basis subject to existing tenancies. It is being sold under the express power of sale under a mortgage and section 53 of the Conveyancing and Property Ordinance (Chapter 219), with the mortgage to be released on completion.

The consideration is payable in cash: an initial deposit of HKD 135,000,000 paid before signing, a further deposit of HKD 135,000,000 equal to 5% of the consideration within five business days after the agreement date, and the balance of HKD 2,430,000,000 on completion. The Group will fund the consideration from internal resources, and completion is scheduled for 8 January 2027.

The seller is the registered owner of the property and acts through the receivers, Mr Ching Yat Git and Mr So Man Chun of PricewaterhouseCoopers. On 2 February 2026, Bank of China (Hong Kong) appointed the receivers as joint and several receivers of the property and certain related assets following an event of default under the mortgage-secured loan facility. The board said the acquisition will enlarge the Group's investment property portfolio in Hong Kong and strengthen its ability to generate recurring rental income, in line with its business strategy; as one or more applicable percentage ratios exceed 5% but all are below 25%, the acquisition is a discloseable transaction.