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2007-8-20 08:21:00 a.m. HKT, XFNA
Hong Kong's Hang Lung Group may raise stake in property unit - report
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HONG KONG (Thomson Financial) - Hong Kong's Hang Lung Group may raise its
stake of 50.8 percent in Hang Lung Properties because the recent decline in
the price of the property developer's shares is an opportunity to buy, the
South China Morning Post reported, quoting Hang Lung executive director Terry
Ng Sze-yuen.
The newspaper said that Hang Lung Properties' fundamentals were
unchanged, despite the drop of nine percent in the price of its shares last
week.
Hang Lung Properties stock closed 6.2 percent lower Friday at 22.75 Hong
Kong dollars.
Hang Lung Group's previous purchases of shares in the property developer
were made when the price was even lower, the Morning Post said.
(1 US dollar = 7.80 Hong Kong dollars)
jun.ebias@thomson.com je/jm
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