TNAG-2292-FCO40-3304-Official-visits-from-Hong-Kong-to-China-1991 — Page 71

17

1991 Q3

Yue Xiu

Enterprises

Ltd. planned to re-develop

the site of the existing Paris Theatre in Sun Po

Kong into ว commercial-cum-residential building

of over 20 stories. Construction was expected to

commence in early 1992. Yue Xiu bought this site

at HK$60 million in 1989.

CITIC (HK) transferred its 12.5% stake in the

Cathay Pacific Airways Ltd. to Tylfull Co. Ltd.

for HK$2.86 billion.

CITIC had already

transferred its 38% stake in the Hong Kong Dragon

Airlines Ltd. and some of its properties to

Tylfull in 1990 when it took control of the

latter.

which was 49% owned by CITIC,

aimed to diversify from property investment and

development to infrastructural development and

Tylfull,

public utilities.

China Merchants Holdings Co. Ltd. was considering

to become a shareholder in the Modern Terminals

So far, negotiations between China

Ltd. (MTL).

Merchants

and MTL

were confined to

development of Kwai Chung Container Terminal 8.

the

Guangdong Asia Insurance Co. Ltd. purchased three

office units in Shun Tak Centre at HK$25.7

million.

Guangdong Construction Co. Ltd. sold a property

at Sai Wan Ho to an un-named PRC-interest company

for HK$46.5 million. The return from this deal

was up to 60%.