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| Friday, September 05, 2008 23:35:34 |
Skyfame will buy stake from Mainland property investment firm
Skyfame Realty (Holdings) Ltd. said on Wednesday it would buy a 51 percent stake and money owed to shareholders in a Chinese property investment firm for up to 400 million HK dollars, reports Reuters.
The Hong Kong-listed company said it would buy the stake and loans in Loyal Way (China) Group Ltd. from a third party, Luo Dong Liang, and about HK$336 million of the purchase would be paid in cash. The balance would be settled by issue of a promisory note.
Loyal Way, which is 49 percent held by Poly (Hong Kong) Investments Ltd. owns land Guangzhou for residential, commercial and office development purposes.
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