Yung Kong International said its wholly owned subsidiary Yuheng Property Holdings has signed an agreement to sell the entire issued share capital of Success Active Limited to Quantum Living Accommodation Limited for a total consideration of HK$529 million, with the maximum potential consideration capped at HK$539 million.

The target asset comprises land and buildings at 470, 472, 474, 476 and 478 Chatham Road North in Kowloon, Hong Kong, primarily used as a student hostel known as Sen Li.

ETNet reported that the disposal aims to monetise the asset close to its valuation, improve liquidity and provide cash for general working capital and future business opportunities.