In its biggest-ever property deal, Swire Properties is selling the Festival Walk mall and commercial complex in Hong Kong to Mapletree Investment, a Singapore property developer, for HK$18.8 billion $2.4 billion.
The deal comes amid efforts by Swire Properties’ parent, Swire Pacific, to raise cash for expansion in China. The company announced plans in 2009 to spin off the property division by listing it and selling a stake to minority investors, and started roadshows for the initial public offering in April last year. However, it decided to scrap the IPO in May after equity markets became more volatile.
So far, Swire has just one operational...
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