PALIBURG Development has registered a 29 per cent increase in profits attributable to shareholders, to $812.9 million, on the strength of the sale of its office complex in Central. Last night, the company announced profits from associated companies that amounted to $715 million, which they said was the result of the sale of 90 per cent of the offices in their jointly owned 37-storey development at 118 Connaught Road West, completed last June. According to a company representative, other reported income of $220.7 million was also the result of the sale of a number of unspecified properties during the year. The company announced earnings per share of 27.1 cents. Company directors last night were recommending a final dividend payment of four cents per share with the payment of a scrip dividend with cash option payable to shareholders on June 16 this year. The scrip dividend proposal is subject to listing approval being obtained. The market value of the shares to be issued by the way of scrip dividend will be the average of the closing prices of the shares for the five consecutive trading days ending June 16, 1994. With an interim dividend of two cents per share already paid, the total dividend for the year will amount to six cents per share. Paliburg chairman Lo Yuk-siu said 1994 was a very volatile one for property developers, and Paliburg was no exception. In order to cope with the changing market conditions, Mr Lo said, the company planned 'to retain certain properties for rental purpose', but he cautioned that the company might sell them if the market suddenly became more favourable. Due to market uncertainty, the company recorded very few property transactions during the second half of the year, he reported. However, Paliburg did participate in recent Government land auctions and successfully acquired additional sites, which significantly increased its land bank, Mr Lo said. On China, the Paliburg chairman said the company was revising its development plans for their Wande Garden development project in Tianjin. It will now include a hotel. A floating restaurant and entertainment centre at Haihe River, in Tianjin, was nearly completed and would start business soon, the company said. The first phase of a food plaza development in Shandong was near completion, with the pre-sale of space being arranged, Mr Lo said. Paliburg also announced the formal establishment of a joint venture company to build a commercial, hotel and office complex in Shenyiang. Mr Lo said the group would continue to develop properties for sale as its core business, while being responsive to market conditions.