HK FOOD INV sells three properties in Tokyo, Japan, cashing out HKD 63.09 million

HK FOOD INV (00060.HK) announced the sale of properties located in Tokyo, Japan, including 2 office buildings and 1 residential building, for a total consideration of 1.25 billion yen (approximately HKD 63.092 million). The net proceeds from the sale are intended to be used for the group's working capital.

The group expects to recognize a gain of approximately 615 million yen (approximately HKD 31.055 million) from the sale of these properties (i.e., the difference between the consideration and the book value, excluding related taxes and expenses), with the estimated profit from the sale (after deducting related taxes and expenses) being approximately 400 million yen (approximately HKD 20 million).

Property A is located at 112-10 Shinbashi 5-chome, Minato-ku, Tokyo, Japan, and consists of land and a five-story flat-roof office building with a total floor area of approximately 200.60 square meters. Property B includes land and a six-story (including basement) flat-roof office building located at 112-11 Shinbashi 5-chome, Minato-ku, Tokyo, Japan, with a total floor area of approximately 171.17 square meters. Property C includes land and a three-story flat-roof residential building located at 112-12 Shinbashi 5-chome, Minato-ku, Tokyo, Japan, with a total floor area of approximately 98.03 square meters.

Considering the overall economy and property market in Japan, the directors believe that the sale represents a good opportunity for the group to realize its investment in these properties at a reasonable price