Hutchison Harbour Ring sees $269 mln gain in deal

HONG KONG, May 17 (Reuters) - Hutchison Harbour Ring Ltd (0715.HK: Quote, Profile, Research, Stock Buzz) said it expected to realise HK$2.1 billion ($269 million) gain from the sale of an office tower in Shanghai to an affiliate of Asia Pacific Land Ltd (APLA.KL: Quote, Profile, Research, Stock Buzz).

The property investment and electronic products maker said late on Friday it would sell a 40-storey office tower including car park spaces in Shanghai for 4.44 billion yuan ($635.2 million).

The company said it would use the proceed to expand its business of design, production and distribution of mobile accessories and other high-end electronic products.

Shares of Hutchison Harbour Ring have risen more than 20 percent so far this year to close at HK$0.70 on Friday. (US$1=HK$7.8=6.990 yuan) (Reporting by Donny Kwok; Editing by Anshuman Daga)