(Yicai Global) Oct. 26 -- Hong Kong real estate developer Winfair Investment Co. [HKG:0287] is selling its three properties in the city's Kowloon district for HKD320 million (USD41 million), bringing in a net profit of HKD185 million.

The company penned a deal with a Hong Kong-based property investment firm on Oct. 24, agreeing to sell three stores on Nam Kok Road, Winfair said in a statement. One of the stores is currently vacant; the remaining two are rented out as restaurants.

Winfair bought the three stores for a total of HKD34.58 million back in 2005, it said. Based on its forecasts of transaction costs and the stores' book value, it expects to profit HKD185 million, which it will use as general working capital and for future property investments.

Kowloon is one of Hong Kong's three main regions and is an important part of its bustling urban area. Now is an ideal time to sell the properties and harvest income from the investment, the firm added.