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Guangdong Inv't takes controlling stake in HK plot

Jan. 12, 2012 (China Knowledge) - Guangdong Investment Ltd<0270>, principally engaged in property, energy and water supply businesses, announced on Tuesday it has acquired a 68% stake in a commercial plot in Panyu District, Hong Kong at a consideration of HK$1.79 billion.

The remaining 32% equity interests of the plot is owned by a state-owned enterprise, said a person familiar with the matter, adding that registered capital of the plot's project company would increase from RMB 3 million to RMB 230 million.

On the 52,801-square meter site, the two partners intend to build a 100,000-sq m shopping mall, a 110,000-sq m office building, stores with a total floor area exceeding 40,000 sq m, park lots and other supporting facilities.

Hong Kong-listed Guangdong Investment reaped HK$2.43 billion in pre-tax profit in the first half of 2011, more than HK$1.83 billion it realized in the corresponding period of 2010. Revenue for the first half of last year totaled nearly HK$3.6 billion, compared with HK$3.27 billion in the first six months of 2010.

The company has yet released fiscal result for the whole 2011.

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