Market Chatter: Agile Group Chairman Loses More Than Half of Value in Sale of Houses

MT Newswires Live2024-11-26

Agile Group (HKG:3383) Chairman Chen Zhuolin disposed of all nine units he owned in a luxury residential project in Kowloon Tong, Hong Kong for more than half the value, the South China Morning Post reported Tuesday.

The houses were valued at HK$213 million, at discounts of between 53% to 63% from six years ago, the report said.

Chen only managed to eke out HK$90 million from the sales at an aggregate discount of 58%, the SCMP said, citing agents and records from the city's Land Registry.

The sale comes as the builder faces liquidity struggles, failing to pay interest on a $483 million bond maturing in May 2025, among other debts, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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