Medicine retailer property sale proceeds to reduce firm's debt

PUBLISHED : Wednesday, 15 April, 1998, 12:00am
UPDATED : Wednesday, 15 April, 1998, 12:00am

Chinese medicine retailer Tung Fong Hung (Holdings) has raised $347 million via the sale of properties through public tender or private sales. The proceeds will be used to reduce debt and boost working capital, it said. The properties were bought by 10 independent third parties. The company expects to report an aggregate loss of about $16 million on the sale.