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2007-7-4 05:47:00 p.m. HKT, XFNA
Hong Kong-listed Wing Hing Intl abandons 150 mln hkd asset purchase deal
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HONG KONG (XFN-ASIA) - Wing Hing International (Holdings) Ltd said it is
abandoning plans to acquire a 150 mln hkd real estate investment holding firm
as the vendor has failed to obtain some approvals from mainland authorities.
The company said it is terminating the deal relating to the acquisition
of Charm Faith Group Ltd as the vendor failed to secure necessary permits
that would allow transfer of certain apartment units in Shanghai to Charm
Faith Group.
The apartment units were expected to be among the assets to be acquired
by Wing Hing.
Wing Hing had signed a preliminary deal relating to the acquisition in
May this year.
The company said it expects to get back its deposit of 15 mln hkd
following cancellation of the agreement.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
lw/rc xfnlwm/xfnrc
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