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2005-8-15 03:20:00 p.m. HKT, XFNA
Hong Kong's Tai Ping Carpets to sell some property; sees gain of 11.37 mln hkd
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HONG KONG (XFN-ASIA) - Tai Ping Carpets International Ltd said it has
entered into an agreement to sell six units in a commercial property in Hong
Kong's Tsimshatsui area for 20.70 mln hkd.
Company secretary Ernest Law said in a statement that upon completion of
the transaction, Tai Ping stands to make an estimated capital gain of some 11.
37 mln hkd.
He said Tai Ping decided to sell the commercial units because property
values have increased significantly in last 12 months and yield from leasing
of commercial properties has declined.
In view of the two factors, Tai Ping's board considered it ""an opportune
time to sell the property and capitalize on the growth in the property market,
"" he said.
roby.lau@xfn.com
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