Slaughter and May, Hong Kong, advised CK Asset Holdings Limited (CK Asset) on the disposal of all the shares in two indirect wholly-owned subsidiaries (Target Companies) and the related shareholder loans to a company owned by Yuzhou Group Holdings Company Limited and Chengdu Ruizhuo Real Estate Co., Ltd. (成都瑞卓置業有限公司) for a consideration of HK$7,847 million and on the related vendor financing of part of the consideration. CK Asset expects to report a gain on the disposal of approximately HK$3,811 million.
The Target Companies are principally engaged in investment holding and together hold the entire equity interest in Hutchison Whampoa Properties (Chengdu) Limited (和記黃埔地產 (成都) 有限公司), which is the owner and developer of the property development known as “Chengdu Le Parc” in Chengdu, PRC, comprising residential and commercial units and carparks.
CK Asset is a leading multinational corporation and is listed on the Hong Kong Stock Exchange. It has diverse capabilities with activities encompassing property development and investment, hotel and serviced suite operation, property and project management, aircraft leasing, pub operation and investment in infrastructure and utility asset operation.
Yuzhou Group Holdings Company Limited is listed on the Hong Kong Stock Exchange and primarily engaged in the business of property development. Chengdu Ruizhuo Real Estate Co., Ltd. (成都瑞卓置業有限公司) is a company established under the laws of the PRC and primarily engaged in real estate development in the PRC.