An unknown buyer entered into a sale and purchase agreement to acquire Star Wing International Limited from Swire Properties Limited (SEHK:1972) for HKD 6.5 billion on October 28, 2016. Under the terms, the buyer will acquire the entire share capital and the loan which will be owing by Star Wing International Limited to Swire Properties Limited (SEHK:1972) as at completion of the transaction. As a consideration, the buyer paid HKD 652.8 million as a deposit, HKD 652.8 million will be paid within 90 days of the sale and purchase agreement, HKD 326.4 million will be paid within 10 days from the date of the first buyer's pre-letting request and the balance will be paid on completion. The purchase price is subject to completion adjustments. As at December 31, 2015, Star Wing International Limited reported the audited net asset value of approximately HKD 3.41 billion and for the year ended December 31, 2015, the audited net profits both before and after tax of HKD 0.53 billion. Swire Properties is expected to record a gain of HKD 1.17 billion on the sale and the proceeds will be applied for general working capital purposes. The transaction is subject to occupation permit and certificate of compliance being obtained on or before December 31, 2018. An unknown buyer completed the acquisition of Star Wing International Limited from Swire Properties Limited (SEHK:1972) on June 8, 2018.