GORDON Wu's Asian empire came under further strain yesterday as heavy selling among disenchanted investors pushed the share prices of his two listed companies to their lowest levels in years.
The infrastructure and property development tycoon's flagship company Hopewell Holdings fell as much as 8.3 per cent to close at HK$4.20, its lowest level since December 21, 1992, amid new concerns over delays in its Philippine power projects and continuing troubles in China.
The shares have lost 46 per cent over the last 12 months, representing a paper loss in market capitalisation of HK$17.5 billion.
Hopewell's power generation arm, Consolidated Electric Power Asia (CEPA), lost HK$1.40 to HK$11.80 - its lowest level since May 1994 - with 9.48 million shares changing hands.
CEPA managing director Stewart Elliott denied that delays in the installation of transmission lines for its Pagbilao power plant in the Philippines would have an impact on the company's earnings prospects.
'We have a contract which says that once the power station is synchronised and we are available to dispatch power, then they [National Power Corp] are deemed to pay for it,' he said yesterday from Jakarta.
