Guangzhou R&F Properties will book a loss of ~HKD 1.84bn ($235mn) from the sale of its 50% stake in its London project. The developer agreed to sell the project known as “Thames City” for a consideration of HKD $2.66bn ($340mn) to Cheung Chung Kiu, chairman of C C Land Holdings. C C Land Holdings is the project’s JV partner. HKD 1bn ($130mn), representing a refundable deposit is payable upon execution of the agreement and, HKD 1.66bn ($210mn), representing the balance consideration after deducting the Deposit, will be payable at completion.
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