Gemini Inv (00174.HK) announced that the trade of selling the property of an office building in San Antonio, Texas, USA through a non-wholly owned subsidiary US commercial REIT platform GR Realty to buyer Partnership Holdings-JAC, LLC has resumed on July 8th after both parties agreed on the revised and restored sales and purchase agreement. The total consideration for the property is US$9.3 million, which is approximately HK$72.633 million, a decrease of US$0.8 million or about 7.9% compared to the original contract price in early February this year.

Gemini Inv expects to record a loss of approximately US$0.454 million for the sale transaction, and points out that holding the property will bring leasing risks due to the extremely low rental activities in the current market. In addition, due to the weak market and high environment interest rates, if the property is sold again in the public market, there may be a further risk of price reduction. It believes that the current price and offer are the best terms compared to other higher execution risks and longer transaction time for the property.