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2009-5-4 08:07:00 a.m. HKT, XFNA
DJ New World China To Add Stake In Property Firm For HK$523.3M
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| HONG KONG (Dow Jones)--New World China Land Ltd. (0917.HK), a builder of residential and commercial property in China, said late Thursday it agreed to boost its stake in a China property firm for HK$523.3 million.
The company, a 71%-owned unit of blue-chip conglomerate New World Development Ltd. (0017.HK), said in a statement it plans to buy a 52.5% stake in Shanghai Trio Property Development Co. Ltd. from its executive director, William Doo.
After the sale, Shanghai Trio Property will become a wholly owned unit of New World China Land, the statement said.
The company also said it agreed to sell its 50% interest in Shanghai Juyi Real Estate Development Co. Ltd. to William Doo for HK$953.2 million. -By Yvonne Lee, Dow Jones Newswires; 852-2802-7002; yvonne.lee@dowjones.com
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