ENGLONG International has made a deal with two of its directors, one of them a major shareholder, to buy into 12 China joint ventures in Liaoning. Englong will buy Edenvale Holdings from Michael Huang Jincan, who owns 50.6 per cent of Englong, and Raymond Liu Zhang-wan, a fellow Englong director but not a shareholder in the firm. Mr Huang owns 90 per cent of Edenvale while Mr Liu owns the remaining 10 per cent. Englong proposes to pay $230 million for a 51 per cent share in Edenvale and after intra-group transfers its sole asset will be Englong (China) Industrial, which holds a 60 per cent interest in 12 joint ventures. The remaining 40 per cent is held by Benxi Beitai Iron and Steel Factory.