Hongkong Land to sell MCL Land to Sunway for $739m

The total capital recycled by the company since 2024 has reached $2.6b.

Hongkong Land Holdings Limited has signed an agreement to divest its Singaporean and Malaysian residential development business, MCL Land, to Sunway Group for its net asset value of $739m.

Following the transaction, Hongkong Land said the total capital it has recycled since 2024 has reached $2.6b (US$2b), representing 50% of the company’s target of at least $5.13b (US$4b) by the end of 2027.

The proceeds will be used to strengthen Hongkong Land’s balance sheet and contribute an additional $192.4m (US$150m) to the company’s ongoing share buyback programme.

Completion of the agreement is subject to standard closing conditions and is expected before year’s end.

US$1 = $1.28

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