Hongkong Land’s Singapore-listed stock erased earlier losses and closed 4% up on Thursday, the biggest gain in a month. The shares have climbed 35% this year, giving the company a market value of roughly US$10.3 billion.
Asian real estate group Hongkong Land Holdings (SGX:H78
) is considering selling its closely held property developer arm MCL Land, according to people with knowledge of the matter.
The Jardine Matheson-backed firm, which owns 100% of MCL Land, is seeking to divest the Singapore-based company at a premium to its book value of $1.1 billion, said the people, asking not to be identified as the process is private. Hongkong Land is speaking with prospective financial advisers to help prepare for a transaction, the people said.
