Winsey Enterprises Limited

Future World (0572) completes 1 Lincoln Road acquisition and increases loan facility to CSPT (0139) to HK$270m
Company announcement, 25-Apr-2018
CSPT (0139) swaps 1 Lincoln Road for shares in FWF (0572)Future World announcement
Company announcement, 29-Dec-2017
FWF owns 9.21% of CSPT, just below the 10% threshold at which this would be a connected transaction. CSPT owns 8.48% of FWF which will increase to 21.46% on completion. Both are in what we call the "Chung Nam Network". The deal involves the transfer of the BVI company that owns the house, thereby avoiding a prohibitive 30% stamp duty on the $400m property.
China Soft Power (0139) restructures deal to buy 1 Lincoln Road for HK$330m
Company announcement, 7-Sep-2017
Now it is buying the BVI company that owns the property, rather than the HK co that agreed to buy the BVI co. No stamp duty will be payable. Buying the property directly would have cost a prohibitive 30% in stamp duty. The owner of the vendor is not disclosed.
China Soft Power (0139) to indirectly buy 1 Lincoln Road for HK$330m
Company announcement, 14-Jul-2017
CSP is buying a HK company for $16m, which owes $314m to complete the purchase of a BVI company which owns the property. The original purchase price was $360m so it appears that the vendor to CSP is taking a $30m loss. CSP bought 2 Lincoln Road, opposite number 1, for HK$227m in cash and convertible bonds in Nov-2016. The property is described as "a house" but records suggest it was built as 3 adjoining houses in 2008.

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