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2008-1-31 12:40:00 p.m. HKT, XFNA
HK's Lai Sun Dev sells further 10 pct of Ritz-Carlton hotel to China Constn
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Bank
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HONG KONG (XFN-ASIA) - Lai Sun Development Co Ltd said it will sell a
further 10 pct stake in Diamond String Ltd, which operates the Ritz-Carlton
hotel in Hong Kong, to CCB International Group Holdings Ltd for 417.2 mln
hkd.
The deal includes the assignment to CCB International of a shareholder
loan that Lai Sun made to Diamond String.
The loan amount was not specified.
CCB International, an investment bank wholly owned by China Construction
Bank, earlier acquired 40 pct of Diamond String.
On completion of the sale, Diamond String will be owned 50-50 by Lai
Sun's wholly owned Surearn Profits Ltd and CCB International.
Lai Sun said the sale is part of an earlier agreement with CCB
International to redevelop the Ritz-Carlton property in Hong Kong's central
business district on a 50-50 basis as a long-term investment.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com xfnjcc/xfjamesa
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