| Capital Strategic to sell HK$1 bln assets for Shanghai expansion |
| Author: 2007-7-30 14:38:25 |
| May. 24, 2007 (China Knowledge) – Real estate owner Capital Strategic Investment <497>, a Hong Kong-based investment holding company, plans to sell an estimated more than HK$1 billion worth of property in Hong Kong next month to pursue opportunities in Shanghai. Chairman Mico Chung Cho-yee made the disclosure after the company's special general meeting, saying Capital Strategic hopes to make this money by releasing for sale next month two 5,500 square foot luxury houses on Tai Tam Road and from next month's closing tender for 104,158 square feet of office space, as well as 17 parking spaces in a Wan Chai building. According to the South China Morning Post, Chung said a portion of the revenue from the property sale would be used for further expansion in what he forecast would be a faster-growing Shanghai, while the remaining revenue would finance existing projects in Hong Kong. The company was cashing in after the more than doubling in value of its commercial and luxury residential properties in recent years, he said. Copyright © 2007 www.chinaknowledge.com Send feedback or comments to: news@chinaknowledge.com For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: To access our page on Bloomberg, type CKFI |