ALCO HOLDINGS (00328) announced that on November 18, 2025, its indirect wholly-owned subsidiary, Wan Jin Limited, entered into a sale and purchase agreement with the buyer, Hang Seng University of Hong Kong. Under the agreement, the seller agreed to sell, and the buyer agreed to purchase, the property subject to the terms and conditions stipulated. The property, acquired by the seller in 2017 for office use, is located at Units 1, 2, 3, 5, 6, 7, 8, 9, 10, 11, 12, 15, 16, 17, 18, and 19 on the 11th floor of Metro Plaza, No. 2 On Yiu Street, Sha Tin, New Territories, Hong Kong. It includes private parking spaces P227 and P228 on the 2nd floor, as well as P348 and P349 on the 3rd floor. The property (excluding parking spaces) has a saleable area of approximately 19,100 square feet (equivalent to 1,778 square meters). The proceeds from the sale amount to approximately HK$90 million, with estimated related expenses of around HK$500,000. The net proceeds will be used to repay the group's bank loans and financial guarantees. After evaluating the property's valuation, the directors believe the sale presents a favorable opportunity to realize the property's value at a reasonable price, reduce the group's fixed asset burden, and lower associated depreciation costs. The proceeds will also help cut interest expenses and optimize the group's capital structure. Additionally, the group may consider leasing more cost-effective properties in other locations for its office needs.
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