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Channel NewsAsia
Channel NewsAsia
AsiaPac · 26 mins ago
Hong Kong's Far East Consortium sells student housing to JD.com for $95.6 million
HONG KONG, July 6 : Hong Kong property developer Far East Consortium (FEC) said in a filing published on Monday that it has agreed to sell a student accommodation project to a unit of JD.com for HK$750 million ($95.63 million). • This is the second property JD.com has bought in Hong Kong in less than a year. In December, it bought a 50 per cent interest in an office tower in the city’s central financial district for HK$3.5 billion from another cash-strapped developer, Lai Sun Development.• FEC said it will continue to manage the student accommodation for three years following the completion of the sale and pay to the project a guaranteed income of HK$45 million in each of those three years.• The developer said the deal provides an opportunity to establish a strategic relationship with the
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