Gelong Hui (00459.HK) announced on April 12 that it intends to acquire properties on Queen's Road in Hong Kong for HK $48.8 million. The acquisition was completed on April 12, 2022. Upon completion of the acquisition, the target company becomes a wholly owned subsidiary of the company. The financial performance of the target company will be consolidated into the group's financial statements.

The main assets of the target company are all interests in the property located on the ground floor of 224 Queen's Road West, Hong Kong and the mezzanine floor of 224 Queen's Road West, Hong Kong, with a total gross floor area of approximately 2300 square feet. The property is currently used by the seller as a restaurant and will be delivered to the vacant property upon completion of the transaction.