Lippo wins agreement to buy centre

CONTRACTS for Lippo Group's purchase of Shenzhen International Exhibition Centre are expected to be completed in ''a month or two'', says director Lee Jark-pui.

An agreement had been reached ''in principle'' with Shenzhen authorities, although details had yet to be worked out, he said.

''The authorities have already agreed to sell it to us. But what they're doing with other groups we don't know,'' said Mr Lee, responding to media reports that groups such as Sun Hung Kai Properties were negotiating the same deal.

He did not dismiss the possibility of including other groups into the company which Lippo would form to hold the exhibition centre.

Meanwhile, the Lippo-led consortium's tourism project on Meizhou Island in Fujian is estimated to cost US$100 million. Mr Lee said the consortium was still open to interested companies.

On the group's banking operation, he said Hongkong Chinese Bank was expected to open a joint-venture bank in Shenzhen by mid-year.