Swire raises $645 million from sale of Swire Properties stake

John Swire & Sons offloads roughly half of its stake in the company, after the stock gains more than 30% since its trading debut in January.

Swire raises $645 million from sale of Swire Properties stake
The East: a recent addition to Swire's hotel interests

The Swire group has reduced its shareholding in Swire Properties, raising HK$5 billion $645 million by selling roughly half the stake it held in the company through John Swire Sons HK.

The deal was launched at around 8pm on Monday in Hong Kong and priced just before the market opened yesterday. It attracted strong demand from long-only investors, as well as property specialists, a source said. There were more than 90 accounts in...

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