Far East Development Sells Mong Kok Student Dormitory to JD Fabulous for HK$750M on July 6

According to Far East Development's announcement on July 6, the company has entered into a purchase agreement with JD Fabulous, a subsidiary of JD.com, to sell a student dormitory in Mong Kok for HK$750 million. The property was previously the Seascape Silka hotel and has been converting its rooms into student housing units, with full conversion expected to complete in the second half of 2026.

Far East Development estimates the transaction will generate revenue of approximately HK$423 million. After repaying bank loans of approximately HK$630 million, the remaining proceeds of approximately HK$106 million will be used for general operations. Under a management agreement, Far East's indirect subsidiary will continue managing the property as student housing for three years.