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Friday June 30, 11:10 AMCheung Kong, Hutchison up Qingdao prop. investmentHONG KONG, June 30 (Reuters) - Cheung Kong (Holdings) Ltd. and affiliate Hutchison Whampoa Ltd. plan to lift total project investment in a joint property venture in China's eastern city of Qingdao to US$336 million.Braintech, in which both companies have a 45 percent stake, and Qingdao Xiao Gang Wan Travel Development and Construction Ltd. won the land bid for the Qingdao Xiao Gang Wan project for 2.25 billion yuan ($281.4 million), the companies said in a joint statement on Friday. The remaining 10 percent shareholding in Braintech is held by Billion Merit Ltd. Cheung Kong and Hutchison, both controlled by Hong Kong tycoon Li Ka-shing, planned to boost total investment in Braintech from US$118 million to help pay for land costs, construction and other costs for the redevelopment of the land. About 311,780 square metres (3.36 million sq ft), or 81 percent, of the land in Xiao Gang Wan project would be redeveloped into residential and commercial properties by the venture company, they said. The remaining portion of the land would be developed by Qingdao Xiao Gang Wan Travel Development, which is independent from the companies. ($1=7.995 Yuan) |
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