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2007-11-28 11:28:00 a.m. HKT, XFNA
Hong Kong's Yau Lee Holdings unit to sell hotel for 1.58 bln hkd
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HONG KONG (XFN-ASIA) - Yau Lee Holdings Ltd said its indirect
wholly-owned subsidiary, Century Score Ltd, has agreed to sell a hotel it
owns in Hong Kong to Smart Easy Enterprises Ltd for 1.58 bln hkd.
The hotel, named the Holiday Inn Express, is located in Causeway Bay,
Hong Kong's popular shopping district.
It has 269 guest rooms with a total gross floor area of 155,650 square
feet.
Yau Lee Holdings said it is to generate net proceeds of 1.56 bln hkd from
the transaction.
The construction and property investment company intends to use 436.8 mln
hkd of the net proceeds for the repayment of mortgage loans while the
remainder will be used as working capital.
The company said it considered the disposal as a good opportunity to
realize its gains from the long-term investment.
At 11.06 am, Yau Lee Holdings was trading at 2.12 hkd, down 0.19 hkd or 8.
23 pct.
( 1 usd = 7.8 hkd)
george.ng@xfn.com
gn/kmq xfngn/xfnkm
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