AFTER selling their stake in Far East Aluminium, the Pang family - comprising father, son and daughter - are ready to take on the market again.
This time, they will target the Chinese market through Wang Kei (International) Investments which will concentrate on three aspects: industries, construction materials and real estate.
Asked why he sold Far East, father and chairman of Wang Kei, Richard Pang Shek-nam, said: 'Because the one who bought it has the actual strength to expand the company.
'Privately, it was a reasonable price. Just like bringing up a daughter and her having found a good man. Therefore, we gave up the company.' Panorama International, a consortium involving Li Ka-shing's flagship Cheung Kong (Holdings) and a mainland enterprise under China's State Council acquired a 61.9 per cent stake in Far East Aluminium for $219.54 million from the controlling shareholder, P P Far East owned by the Pangs.
Mr Pang said the capital earned from the sale was channelled back to Wang Kei's projects, included two commercial developments in Beijing's Finance Street, and in Guangzhou.
Son and executive director of Wang Kei, Samson Pang Chi-chung, said the Guangzhou project involved construction of a 387,504-square-foot office building which has been scheduled for completion in August 1997.