18th Sep 2020 10:55
(Alliance News) - Shares rose in Macau Property Opportunities Fund Ltd on Friday as it agreed to sell its remaining individual unit at One Central Residences at a price of HKD25 million, or USD3 million.
Shares in the Macau-focused property investment fund were 13% higher at 68.81 pence on Friday in London.
The transaction is expected to be completed by the end of November 2020, and then the total value of divestments of assets at One Central Residences and the Fountainside for 2020 to date will total HKD83 million.
In addition, Macau Property said it has entered into a HKD540 million loan facility with a term of five years with Hang Seng bank for its properties in One Central Residences.
The new loan will refinance the original loan which was due for settlement on Saturday. The new loan will mature in September 2023, with interest charged at an improved rate of 1.8% per annum over the one, two and three-month Hong Kong inter-bank offered rate.
"Despite the negative impact that the Covid-19 outbreak had on Macau's economy in the first half, the recent stabilised situation in both the territory and mainland China, and phased resumption of tourist visa issuance for mainland Chinese to visit Macau have helped sentiment and business conditions," the fund stated.
Macau Property Opportunities Fund said it expects to publish its annual results by the end of September.
By Dayo Laniyan; [email protected]
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