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2004-8-23 10:13:00 a.m. HKT, XFNA
Hong Kong's Shougang Concord unit sells industrial building for 100.8 mln hkd
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HONG KONG (XFN-ASIA) - Shougang Concord Grand (Group) Ltd said its unit
Strenbeech Ltd is selling a 10-year-old industrial building in the New
Territories for 100.8 mln hkd.
Strenbeech Ltd, which is burdened by the maintenance cost of the
property, may realize a net revenue of 99.7 mln from the sale, Shougang said
in a statement.
The industrial building, known as Kader Industrial Centre, which sits on
Lok Yip Road in Fanling, New Territories, is currently being leased out.
The company sold the property to a Lam Kee Fung, who is not connected
with Shougang, saying it doesn't anticipate ""that there will be any
significant improvement in the industrial buildings sector of the property
market in the future.""
(1 usd = 7.8 hkd)
leonora.walet@afxasia.com
jm
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