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2008-4-2 11:28:00 a.m. HKT, XFNA
HK-listed New World China to inject addl capital into Hunan property venture
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HONG KONG (XFN-ASIA) - New World China Land Ltd said it and its partner
have agreed to boost the registered capital of a property development venture
in China's Hunan province to 680 mln yuan from 250 mln.
New World China will contribute 387 mln yuan while its partner Hainan
Zhonghong Investments Co will contribute 43 mln of the additional capital, in
proportion to their 90 pct and 10 pct stakes in the Hunan project, it said.
The additional capital will be utilized to finance costs related to the
project, including demolition of existing structures, settlement of and
compensation for inhabitants, construction of roads and basic infrastructure,
it said.
The site, located in Changsha city, will have a total of 800,000 square
metres available for development after land improvement work.
At 11.12 am, New World China shares were up 0.22 hkd or 4.36 pct at 5.27.
(1 usd = 7.0 yuan, 7.8 hkd)
roby.lau@xfn.com xfnrl/xfnrc
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