HONG KONG, Aug. 20 /Xinhua-PRNewswire-FirstCall/ -- HKC (Holdings) Limited (HKEx: 190) ("HKC (HOLDINGS)" or the "Group") has reached consensus with Sinar Mas Paper (China) Investment Company Limited ("Sinar Mas"), a company indirectly controlled by Oei’s family, to acquire an additional 10% interest in a property development project in Shanghai, China. The potential acquisition is subject to agreement on the price by the two parties concerned with reference to independent valuation of the project site to be procured.
On the North Bund of Hongkau District, the project on a 56,670 sq. m. is earmarked for developing a prestigious hotel, a shopping mall and office premises of total floor area above ground 250,000 sq.m. targeted to complete in or around 2010. The project is spear-headed by the Shanghai Municipality government in its plan to develop the north of the International Passenger Transportation Terminal of Hongkau District near the Huangpu River.
Mr. Eric Oei, Managing Director and Chief Executive Officer of HKC (HOLDINGS), said, "It was only early this year that we increased our stake in the project by 15% to 25%. This latest potential acquisition, if goes through, will increase the Group’s total interest in the project to 35%. It is a demonstration of our confidence in this property development project in delivering strong returns as well as contributing to our ability to capture other opportunities in the thriving property market in Shanghai and other regions in China. In future, we will continue to identify and acquire land at high-potential sites to enrich our land banks in China so as to build the Group into a leading player in the property sector in the region."
About HKC (Holdings) Limited (HKEx: 190)
HKC (Holdings) Limited is principally engaged in property development and investment activities with a primary focus in the PRC. It is also one of the leading providers of alternative energy in the PRC.
For more information, please visit the Group’s website: http://www.hkcholdings.com .
For media enquiries:
Strategic Financial Relations Limited
Esther Chan / Vicky Lee / Doris Chan
Tel: +852-2864-4825 / +852-2864-4834 / +852-2114-4950
Email: esther.chan@sprg.com.hk / vicky.lee@sprg.com.hk /
doris.chan@sprg.com.hk
