China Travel International (HKG:0308) has entered into a memorandum of sale and purchase with its controlling shareholder, China Travel Service (Holdings) Hong Kong Limited, to sell the real property located at Nos. 361-367, Portland Street, Kowloon together with the messuages erections and buildings thereon for a cash consideration of HK$188 million.

The net proceeds from the disposal of the property will be used as China Travel International's general working capital.

The property has a total gross floor area of 23,322 sq ft and is currently vacant and under demolition due to structural concerns.