According to Zhitong Finance App, Ocean Global Holdings (09876) announced that on September 29, 2026, the buyer Fengyang Development (an indirect wholly-owned subsidiary of the Company) signed an interim agreement with the seller Yiben Limited and the receiver to acquire the property at a cash cost of HK$150 million.
The property is located at 57-59 Kwok Shui Road, Kwai Chung, New Territories, and includes a plot of 13,600 square feet. The property is a 12-storey reinforced concrete industrial building. The target building was completed around 1973, and large-scale architectural renewal and complete renovation projects were completed in 2018. According to the approved building plans, the total construction area of the target building is 117,234 square feet. There are parking spaces on the lower ground, basement and first floor of the building.
In line with the Group's business development and future expansion, the property is intended to be used as the Group's corporate headquarters (that is, one of the permitted uses of the property under the exemption). In view of the significant drop in prices in the Hong Kong industrial property market over the past few years, the Board believes that under the current property market conditions, the acquisition provides a strategic opportunity for the Group to acquire the property at a competitive price through takeover sales. The directors believe that it is in the Group's interest to save future rent expenses by acquiring the property as office space. Furthermore, if the Group fails to fully utilize the property, it is intended to rent out the remaining portion of the property to earn rental income. The board also believes that the cost is discounted from the initial valuation of HK$200 million made by Zhongchengda Asset Appraisal Consultants Limited on September 29, 2026. This reflects (including) the addition and remodeling works that have been carried out but have not been completed and are still ongoing at this property. The seller is under no obligation to complete such works or bring such works into compliance with the specifications before completion, and the Group will be required to complete, correct, or bring such works into compliance with the specifications at its own expense after completion.