Far East Consortium International (0035) announced on Monday that it has agreed to sell its student accommodation property on Shanghai Street, Yau Ma Tei, to JD.com (9618) for HK$750 million.

The transaction is expected to generate a disposal gain of approximately HK$423 million for Far East Consortium. The property is currently undergoing conversion of its guest rooms into student accommodation units, with full conversion expected to be completed in the second half of 2026.

According to the filing, Far East Consortium will continue to manage and operate the property as student accommodation for three years after completion. It will make annual payments to JD.com during this period.

Far East Consortium said the deal allows it to unlock significant asset value and establishes a strategic partnership with JD.com to explore further cooperation opportunities, including potential future student accommodation projects in Hong Kong.