TNAG-2292-FCO40-3304-Official-visits-from-Hong-Kong-to-China-1991 — Page 70

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Shum Yip (Holdings) Co. Ltd. sold two residential

blocks at Pokfulam to a local company for HK$250

Shum Yip incurred a loss of 10% in this

million.

deal.

CITIC (HK) sold half of a block or 60 flats of

the Sceneway Garden to two local buyers for over

HK$106 million.

gained HK$23.3 million

CITIC

from this deal.

A

PRC-interest company sold half of a block of

the Sceneway Garden for HK$180 million.

million was earned from this deal.

HK$27.5

A Hunan-interest company purchased a residential

building on 'the Hong Kong Island at a price of

HK$97.5 million.

A

the

Shandong-interest company bought one floor in

office tower of the Convention Plaza at HK$81

million.

Co.

a

The United Publishing Group, comprising of the

Commercial Press (HK) Ltd., Joint Publishing (HK)

Ltd. and Chung Hwa Book Co (HK) Ltd.,

invested around HK$100 million to purchase

pro-China newspaper "Jing Po" which ceased

operation

in March 1991. The Group had already

purchased

pro-China newspaper "Hong Kong

Commercial Press" at HK$160 million in December

1989.

another

The China Enterprises Association was inaugurated

in early June

co-ordinating

1991 with the objective

the

economic activities

of

of

PRC-interest enterprises in Hong Kong.