Banking News
- Construction Bank in HK property venture
Date: 12-Nov-2007 Sources: (Shenzhen Daily)
CHINA Construction Bank Corp. (Construction Bank) will pay HK$1.37 billion (US$176.32 million) for a 40 percent stake in a Hong Kong hotel property, which it plans to redevelop into an office building with Lai Sun Development Co.
Lai Sun Development will hold 60 percent of the venture after selling China Construction Bank a 16.57 percent stake in the hotel, Ritz-Carlton Hong Kong, for HK$567 million. The hotel's other three shareholders have agreed to sell their combined 23.43 percent stake in the property to China Construction Bank for HK$802 million.
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