Hysan Development, Empire acquire stakes in project for $780m

Hong Kong-listed Hysan Development and privately held Empire Group each have agreed to acquire respective 25 percent stakes in a Henderson Land residential project in Kowloon’s To Kwa Wan area for a combined HK$6.1 billion ($783 million) in capital commitments, according to a Monday filing with the Hong Kong stock exchange.

The URA’s Bailey Street / Wing Kwong Street Development Project is located at the center of To Kwa Wan, a traditional core Kowloon residential area. With convenient access to To Kwa Wan Mass Transit Railway (MTR) Station and an ongoing revitalization, the area is an up-and-coming commercial and residential hub in Hong Kong. The board of directors consider the investment in line with Hysan Group’s strategy of residential-development business.