 |
|
  |
2006-12-20 08:59:00 a.m. HKT, XFNA
Hong Kong-listed Guo Xin Group to sell unit Smart China Intl for 40.75 mln hkd
|
| |
HONG KONG (XFN-ASIA) - Guo Xin Ltd said it has agreed to sell unit Smart
China International Ltd for 40.75 mln hkd to independent third party Joseph
Li.
Li currently owns a 0.04 pct stake in the company.
Smart China owns 136 services apartments in Shanghai, with an estimated
market value of 197 mln yuan or 191.26 mln hkd.
The consideration was calculated by adding up the estimated market value
and the account receivable of 13.76 mln hkd, and then netting the bank loan
of 145.63 mln hkd and interest of 18.65 mln hkd.
Guo Xin Group said it intends to focus the group's China property
investments on commercial property only as it believes it has better business
prospects and will generate greater returns for the group.
(1 usd = 7.9 yuan)
roby.lau@xfn.com
rl/km
xfnrl/xfnkm
MMMM
AFN |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
