Yiu Wing in $56.6m agreement

PUBLISHED : Thursday, 12 May, 1994, 12:00am
UPDATED : Thursday, 12 May, 1994, 12:00am

YIU Wing International Holdings has agreed to pay a net $56.6 million in three deals involving the addition of three properties and loss of one property in the company's asset portfolio.

Yiu Wing agreed on Tuesday to receive a net payment of $5 million in a property exchange deal with a company owned by chairman Cheung Yiu-wing.

Under the agreement, Yiu Wing will dispose of its headquarters - four units in a building in Shamshuipo, Kowloon - in exchange for three units in another Shamshuipo building, which a Yiu Wing subsidiary rents for $30,000 a month.

Yiu Wing also agreed to pay $39.6 million for two units in the West Tower of Shun Tak Centre to be used as its new headquarters. The vendor is a group controlled by a Yiu Wing director.

Yiu Wing also agreed to buy from another group controlled by the same director three units in a Connaught Road West building for $22 million.

The purchase of the properties, except the one to be used as the company's headquarters, were for long-term investment, Yiu Wing said yesterday.