Firms play down spin-off reports

Chinese Estates Holdings and Kwong Sang Hong International last night issued statements downplaying speculation about plans to spin off their China property interests.

Chinese Estates said relevant discussions with advisers were at a 'preliminary' stage, and that no decision had been made as to whether to proceed with a spin-off.

Kwong Sang Hong said it had no firm plans for a spin-off but that the company was regularly considering methods of enhancing shareholder value 'of which a spin-off of assets would be one alternative'.