It said:"The group is considering a range of funding options without recourse to shareholders, including internal resources and external funding ."
The group, which belongs to the Jardine stable of companies, added:"The acquisition provides the group with an attractive opportunity to develop and operate a commercial complex of scale in a prime location in Shanghai, the predominant commercial hub of the Chinese mainland. "The transaction is in line with the group's longstanding strategy to acquire prime sites in key gateway cities across Asia."
Development of the land will be done in multiple phases and is expected to be completed by 2027, Hongkong Land said, adding:"Post-completion, the project is expected to provide the group with a stable stream of recurring earnings." Singapore-listed Hongkong Land shares fell two US cents or 0.36 per cent to US$5.48 before the company called for a trading halt at 4.20pm on Thursday.
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