Wharf (Holdings) Limited (SEHK:4) entered into the sale and purchase agreement to acquire Fuyang Project situated at Fuyang, Hangzhou, China from Wheelock and Company Limited (SEHK:20) for HKD 1.4 billion on December 17, 2019. Wharf (Holdings) Limited will pay the consideration in full in cash at completion by using internal resources and borrowings. For the year ended December 31, 2018, profit before tax and after tax of the Fuyang Project reported as HKD 0.8 million each. The transaction is subject to all necessary consents, licences and approvals required to be obtained by both the parties. Completion of the transaction shall take place within seven days after the date of the agreement or such other date as mutually agreed by both the parties.

Wharf (Holdings) Limited (SEHK:4) completed the acquisition of Fuyang Project situated at Fuyang, Hangzhou, China from Wheelock and Company Limited (SEHK:20) on December 18, 2019