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FINWIRES

Gemini Investments Agrees to Sell New York Condo for $1 Million

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Gemini Investments (Holdings) (HKG:0174) agreed to sell a residential condo unit in New York for $1 million, according to a Tuesday Hong Kong bourse filing.

The property has a gross floor area of about 800 square feet.

The company expects to record a gain of about $165,000 from the disposal, based on the property's carrying value of about $840,000 as of July 31.

Gemini expects the net proceeds to improve its cash position and be used for future potential investments and general working capital.

Shares of the firm were down more than 7% in Tuesday afternoon trade.

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