Swire Pacific, Swire Properties Suspend Trading in Hong Kong

(Bloomberg) -- Swire Pacific Ltd. and Swire Properties Ltd. suspended trading of their shares in Hong Kong, pending an announcement.

Swire Properties is the property arm of Swire Pacific with operations in Hong Kong, mainland China and the U.S. The property developer has recently been disposing of non-core assets. It unveiled plans to offload some of its parking space in Taikoo Shing earlier this month. It’s also reportedly in talks to sell its office block in Cityplaza for HK$10 billion ($1.3 billion).

Swire Pacific’s shares dropped by 50% in 2020, while Swire Properties shares dropped by 21%.

Separately, Swire’s flagship carrier Cathay Pacific Airways Ltd. is undergoing a restructuring, recently announcing that it will slash more than 5,000 jobs and shut down a regional carrier in one of the most drastic dismissals in the aviation industry.

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