Hongkong Land Is Said to Weigh Sale of Singapore Developer MCL
- Jardine Matheson-backed company seeking to hire banks for deal
- MCL Land has a book value of about $820 million: sources
This article is for subscribers only.
Asian real estate group Hongkong Land Holdings Ltd. is considering selling its closely held property developer arm MCL Land Ltd., according to people with knowledge of the matter.
The Jardine Matheson-backed firm, which owns 100% of MCL Land, is seeking to divest the Singapore-based company at a premium to its book value of S$1.1 billion ($820 million), said the people, asking not to be identified as the process is private. Hongkong Land is speaking with prospective financial advisers to help prepare for a transaction, the people said.