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2005-7-11 04:38:00 p.m. HKT, XFNA
Hong Kong's Paliburg to sell 50 pct stake in Beijing project for 145 mln hkd
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HONG KONG (XFN-ASIA) - Paliburg Holdings, which controls Regal Hotels
International Holdings Ltd, said it has agreed to sell a 50 pct stake in Hang
Fok Properties Ltd to Regal for 145 mln hkd.
Eliza Lam Sau Fun, secretary for Paliburg, Regal Hotels and Paliburg
holding company Century City International Holdings, said Hang Fok Properties
is an investment holding company which holds a 23 pct stake in a 1.7 bln yuan
property development project in Beijing's central business district.
She said the project will comprise office, residential, hotel, commercial
space and carparking with a total permissible gross floor area of 430,000
square meters.
""Given the experience and knowledge of the Regal Group and having regard
to the planned hotel element within the project, the directors of Paliburg
consider that the introduction of Regal as a business partner in respect of
the development of the property project ... will help enhance the prospects""
of the venture, she said.
(1 usd = 7.8 hkd; 8.3 yuan)
jun.concepcion@xfn.com
jc/swp
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