Swire Properties Limited (SEHK:1972) entered into a sale and purchase agreement to acquire 102,420 square feet of property at No. 391 Chai Wan Road, Chai Wan from China Motor Bus Company, Limited (SEHK:26) for HKD 850 million on May 29, 2015. Swire Properties Limited Property will acquire 80% stake.

The property reported net profit after tax of HKD 332.2 million for the year ended June 30, 2014. The sale and purchase agreement is conditional on approval of shareholders of Swire Properties, China Motor Bus Company, Limited having obtained the approval from its shareholders for the disposal and the provision of the financial assistance in a meeting scheduled on July 16, 2015. The Board of Directors of China Motor Bus Company recommended the shareholders to approve the transaction on June 23, 2015. The completion will not occur before July 1, 2017. As on July 16, 2015, shareholders of China Motor Bus approved the transaction. The deal is expected to close by July 1, 2017. Professional Property Services Limited acted as the property valuer in the transaction.

Swire Properties Limited (SEHK:1972) completed the 80% stake in 102,420 square feet of property at No. 391 Chai Wan Road, Chai Wan from China Motor Bus Company, Limited (SEHK:26).