Sunway Group to acquire MCL Land from Hongkong Land for $577.98m.

Sunway Group, a Malaysian conglomerate with diversified businesses, such as property, construction, education, healthcare, hospitality and retail, agreed to acquire MCL Land, a residential developer, from Hongkong Land, a property investment, management and development group, for $577.98m. The sale, by way of a share sale, is part of Hongkong Land's 2035 strategic vision to shift away from the residential build-to-sell segment and focus on ultra-premium commercial properties in major Asian cities.