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2008-8-1 08:40:00 a.m. HKT, XFNA
HK's Wang On to sell 50 pct stake in Jiangxi property firm for 186.8 mln hkd
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HONG KONG (XFN-ASIA) - Wang On Group said it has agreed to sell 50 pct of
Fuzhou Wang On Property Development Co to unit LeRoi Holdings Ltd for 186.8 mln
hkd.
The consideration is subject to an adjustment of up to 12.0 mln hkd by the time
the date is completed, it said.
Fuzhou Wang On owns 219,540 sq m of land in Jiangxi, of which 473,004 sq m has
been approved for residential use for a term of 70 years. About 44,803 sq m was
approved for commercial use with land use rights of 40 years.
The land is being prepared for development into a residential-commercial
complex.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
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