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2007-12-7 12:00:00 p.m. HKT, XFNA
Hong Kong's Regal Hotels to develop Chengdu site for 260 mln yuan
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HONG KONG (XFN-ASIA) - Regal Hotels International Holdings Ltd said it
will form a joint venture with Chengdu Zheng Cheng Investment Development Ltd
to carry out a property development project in Chengdu City, Sichuan.
The registered capital of the joint venture is 400 mln yuan, of which 260
mln yuan or 65 pct will be contributed by Regal Hotels and 140 mln yuan or 35
pct by Chengdu Zheng Cheng Investment, the company said in a statement.
The joint venture will develop commercial and office buildings, a hotel
and serviced apartments on a 39,000 square meter site in Chengdu.
Separately, Regal Hotels and Paliburg Holdings said they will each
subscribe up to 200 mln hkd of convertible bonds in Cosmopolitan
International Holdings Ltd.
The initial conversion price of 0.6 hkd is a 3.4 pct premium to
Cosmopolitan's last price of .0.58 prior to its suspension from trading on
Nov 23.
Paliburg currently owns a 44.92 pct stake in Regal.
Cosmopolitan International will use the proceeds for property development
and investment.
roby.lau@xfn.com
xfnrl/xfjamesa
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