Hongkong Land to sell nine floors of One Exchange Square to HKEX

The total saleable floor area of 147,025 square feet has a purchase price of $6.3b.

Hongkong Land Holdings has signed a sale and purchase agreement with Hong Kong Exchanges and Clearing Limited (HKEX) to sell the top nine floors of One Exchange Square and its current retail space.

The total saleable floor area of 147,025 square feet has a purchase price of $6.3b. Approximately 45% of gross sale proceeds are expected to be received in 2025, and the balance of 55% in 2026.

The company plans to use up to 6.3% of the proceeds to enhance the property and use the remaining proceeds to reduce net debt (80%) and for a share buyback (20%).

The Buyback Programme aims to reduce the group's share capital with repurchased shares being cancelled. It will extend through to 31 December 2025.