Swire Share Trading Halted Amid Tower Sale Reports

Trading of shares of Swire Pacific and Swire Properties was halted abruptly on the local bourse on Wednesday morning at the request of the company, amid reports that it is selling one of its office towers.

The stocks stopped trading at around 10am, and the conglomerate later confirmed that they were currently “in discussions which may lead to a disposal of interests” in an office building located on 1111 King’s Road, in Taikoo Shing.

Swire said no agreement on the disposal has been reached, but it has been reported that Swire Properties is close to selling Cityplaza One office tower in Island East to a consortium for about HK$10 billion.

Swire said trading of shares will resume at 1pm on Wednesday. The prices of the shares – namely Swire Pacific A share and Swire Properties – dropped over 1 percent before the trading halt.

A spokesperson for Swire Properties said in response to an enquiry by RTHK earlier on Wednesday that the company had no further information to provide at this stage.

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