Swire Properties in Talks to Sell Hong Kong Building (2)

Swire Properties Ltd. is in talks to sell its Cityplaza One office tower in Hong Kong as part of the property developer’s efforts to unload assets during a real estate slump.

Swire, which had suspended trading of its stock pending the announcement, issued the statement on Wednesday after Sing Tao Daily reported that the company was negotiating the sale of the building to Gaw Capital Advisors Ltd. for about HK$10 billion ($1.3 billion).

Shares of Swire Properties slipped 0.2% to close at HK$20.55 and parent Swire Pacific Ltd. dipped 0.3%.

Swire’s Leverage May Fall to New Low on Office Disposal: ...