Property priority

FAR East Holdings International plans to cut down its exposure to the stock market due to the unstable environment, according to managing director Dennis Chiu Tat-Shing.

Mr Chiu said the company, which had lowered its investment in securities from $2 billion last year to $1.7 billion this year, had long-term property investment plans.

'I have more confidence in the property in Singapore and Malaysia,' he said during the company's annual general meeting.

In Singapore, Far East recently bought a $2.3 billion, 60,000 square feet office building.

Construction of a 350-room hotel in the Tang Dynasty City would begin at the end of this year with completion scheduled for 1997.

In Malaysia, Far East acquired a 51 per cent stake in a golf resort.

Far East also diversified its investment in a textile factory in Shanghai and a ready-mix concrete plant in Suzhou.