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Wednesday, October 28, 2020, 11:03
Swire Pacific, Swire Properties suspend trading in Hong Kong
By Bloomberg
Wednesday, October 28, 2020, 11:03 By Bloomberg

This undated photo shows the building of Swire Pacific Ltd (second right) in Central, Hong Kong. (EDMOND TANG / CHINA DAILY)

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

Swire Properties is the property arm of Swire Pacific with operations in Hong Kong, the Chinese mainland and the US. The property developer has recently been disposing of non-core assets. It unveiled plans to offload some of its parking space in Taikoo Shing earlier this month. It’s also reportedly in talks to sell its office block in Cityplaza for HK$10 billion (US$1.3 billion).

ALSO READ: Swire Pacific looks to mainland, HKSAR for recovery after loss

Swire Pacific’s shares dropped by 50 percent in 2020, while Swire Properties shares dropped by 21 percent.

READ MORE: After 50 years, Swire's Hang Seng Index membership at risk

Separately, Swire’s flagship carrier Cathay Pacific Airways Ltd is undergoing a restructuring, recently announcing that it will slash more than 5,000 jobs and shut down a regional carrier in one of the most drastic dismissals in the aviation industry.


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