Pacific Century Premium Developments (PCPD) proposes to divest its entire equity stakes in two overseas properties for a combined US$480.00 million.
The first transaction involves selling 100 % of Rafflesia Investment, owner of the Grade-A office tower Pacific Century Place Jakarta, to Palace APAC New Infrastructure Investment GP for US$400.00 million. The buyer will assume shareholder loans; customary completion adjustments apply, and existing bank borrowings of US$150.13 million (HK$1.17 billion) will be repaid at completion. PCPD expects to book a pre-tax disposal loss of up to HK$117.00 million before exchange reserve release.
The second deal covers the disposal of Triple8 KK, which owns the 360-room eco-themed Midtown Niseko hotel in Hokkaido. Ryugu Holdco Pte. Ltd. will acquire the shares and related loans for US$80.00 million. PCPD estimates a pre-tax gain of HK$192.00 million before exchange reserve release.
Combined, the two disposals are projected to produce a net accounting gain of about HK$75.00 million and deliver net cash proceeds of roughly HK$2.31 billion after expenses. Management plans to deploy about 95 % of the proceeds to reduce near-term borrowings, targeting annual interest savings of at least HK$100.00 million, and to allocate the remainder to general working capital.
Independent valuers appraised Pacific Century Place Jakarta at US$400.00 million and Midtown Niseko at US$80.00 million, in line with the agreed sale prices.
Each disposal exceeds the 75 % size threshold under Hong Kong’s Listing Rules and constitutes a very substantial disposal, requiring shareholder approval. An extraordinary general meeting has been scheduled for 20 May 2026 at Cyberport, Hong Kong, immediately following the company’s AGM. If approved, the Niseko deal is expected to close around 31 May 2026, while the Jakarta transaction is targeted for June 2026.
Post-transaction, PCPD will concentrate on premium property projects in Hong Kong, Japan and Thailand, including the Central Residence by the Park (Hong Kong), Park Hyatt Niseko Hanazono Residences, and the Four Seasons-branded development at Aquella, Thailand.