Lai Sun Development (00488) and Lai Sun International (00191) jointly announced that on April 8, 2024, Peakflow Profits Limited, a wholly-owned subsidiary of Lai Sun Development, plans to sell 10% of Bayshore Development's shares to Grand Design Development Limited at an initial cost of approximately HK$1,421.6 billion. Based on initial costs, Lai Sun Garment Group and Lai Sun Development Group are each expected to lose approximately HK$155 million on the sale.
According to reports, Bayshore Development is the sole legal and beneficial owner of the property. The property is located in the central business district of Hong Kong. The 38-storey property provides an office floor with a total floor area of approximately 429,000 square feet (not including parking spaces).
On the date of this joint announcement, Bayshore Development was owned by the buyer and 10% by the seller, respectively. Upon completion, the buyer will hold all of Bayshore Development's shares. The buyer is an indirect wholly-owned subsidiary of AIA (01299).