Business Digest, December 22, 2012

PUBLISHED : Saturday, 22 December, 2012, 12:00am
UPDATED : Saturday, 22 December, 2012, 2:36am

Kowloon Station flat sold for HK$218m

A 3,465 square foot unit at The Arch in Kowloon Station was sold for HK$218 million, translating into an average price of HK$62,915 per square foot, making it one of the most expensive units sold in Hong Kong in terms of price per square foot. The deal follows market rumours that one of the units was to be sold for about HK$220 million. Peggy Sito


Glorious Property issues profit warning

Shanghai-based developer Glorious Property Holdings, whose former chairman Zhang Zhirong resigned last month after being accused by the US Securities and Exchange Commission of insider trading in CNOOC shares before the oil producer unveiled a takeover bid for Canadian oil firm Nexen, warned its net profit for this year is expected to drop significantly. Eric Ng


CLP Power can buy gas from west-east pipeline

The Hong Kong government has approved an agreement by CLP Power Hong Kong, the supplier of electricity to Kowloon, New Territories and Lantau Island, to buy natural gas from state-backed PetroChina's second west-east pipeline over the next 20 years. Gas supply will start early next year, to gradually replace the depleting supply from a field in the South China Sea near Hainan Island. Eric Ng


Insurer Aviva sells US unit for US$1.8 billion

Aviva, Britain's No 2 insurer, has agreed to sell its US business for US$1.8 billion, far less than it paid for it and the biggest disposal so far in a reorganisation aimed at boosting its underperforming share price. Aviva USA is being bought by Athene Holding, a life insurer majority-owned by US private equity company Apollo. Reuters