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Swire Properties in talks to sell Hong Kong office tower; trading resumes

[HONG KONG] Swire Properties is in discussions to sell an office tower in eastern Hong Kong Island, but no agreement has been finalised as yet, the property developer said in a filing to the Hong Kong bourse during lunch break on Wednesday.

The discussions may lead to a disposal of its interests in the multi-storey office building in Taikoo Shing in Hong Kong, the property arm of conglomerate Swire Pacific said, without giving further details.

Swire Properties and Swire Pacific suspended trading of their shares in Hong Kong on Wednesday morning, pending an announcement.

Shares of Swire Pacific eased 0.7 per cent after trade resumed in the afternoon, while Swire Properties slid 0.5 per cent.

Separately, Swire Pacific's flagship carrier Cathay Pacific Airways is undergoing a restructuring, recently announcing that it will slash 5,900 jobs and end its regional carrier as it grapples with a plunge in demand due to the coronavirus pandemic.

REUTERS

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