Commodities

Swire Properties in talks to sell HK office tower, trading resumes

Swire Properties Ltd 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.

HONG KONG, Oct 28 (Reuters) - Swire Properties Ltd 1972.HK 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 Ltd 0019.HK 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% after trade resumed in the afternoon, while Swire Properties slid 0.5%.

Separately, Swire Pacific's flagship carrier Cathay Pacific Airways Ltd 0293.HK 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.

(Reporting by Clare Jim and Donny Kwok; Editing by Sherry Jacob-Phillips)

((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters Messaging: clare.jim.thomsonreuters.com@reuters.net))

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