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2008-5-6 10:31:00 a.m. HKT, XFNA
HK-listed New World China Land sells an investment holding unit for 270 mln hkd
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HONG KONG (XFN-ASIA) - New World China Land Ltd (NWCL) said one of its
wholly-owned units entered into an agreement to sell 100 pct of Billion Glory
Group Ltd, an an investment holding company, for 270 mln hkd.
It said unit New World Development (China) Ltd sold its entire interest in
Billion Glory to generate gains from the investment and bolster the group's
working capital.
The purchaser is Viewtop International Ltd, a wholly-owned unit of New World
Development Store China Ltd (NWDS).
Both NWCL and NWDS are units of Hong Kong-listed property development
conglomerate New World Development Co Ltd.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
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