Far East Development (00035.HK) subsidiary intends to sell a certain equity stake in the Perth Ritz-Carlton Hotel in Australia.

Wisdom Financial News APP, Far East Consortium (00035.HK) announced that one of its subsidiaries has entered into a terms list with a wholly-owned subsidiary of Shangri-La Group Limited (the buyer) regarding the potential sale of certain interests in a company holding the rights to the Ritz-Carlton hotel business in Perth, Australia (the target company). According to the terms list, the buyer shall pay the company an initial amount of AUD 20 million (approximately HKD 101.2 million) within five business days from the terms list date, which can be refunded according to relevant terms. Apart from confidentiality, expenses, regulatory laws, and the initial payment, the terms list is not legally binding. It is currently expected that if the proposed transaction is implemented according to the terms list, the target company will be jointly owned by the consortium and the buyer after completion.