Property and construction company Yiu Wing International has swapped its 48 per cent stake in a Wuhan power plant for a 40 per cent stake in a Hubei power station, which may bring a book loss of about 15 million yuan (about HK$13.98 million). The 81.6 million yuan stake in Wuhan Changfa Electric Power Equipment was sold to China Chang Jiang Energy Corp, a state-owned enterprise, which in turn sold its 40 per cent stake in Hubei Changzhou Power Development at the same price to Yiu Wing. Yiu Wing chairman Cheung Yiu-wing said yesterday that the company's stake in the Hubei power plant was valued at 175 million yuan. The Wuhan stake was worth about HK$190 million when it was bought in 1991. 'Whether to make a provision [on the difference] or not will be decided by our accountant,' Mr Cheung said. Yiu Wing would enjoy an annual return of about 18 per cent, or about 30 million yuan from the Hubei power plant, he said. 'Authorities in Suizhou, Hubei, have also pledged to buy all the output of electricity of our plant, which is the only one in the area,' Mr Cheung said. 'We need not invest further in the plant after the purchase.' The Hubei power station, completed and now on trials, will generate 54,000 KW when it begins to operate commercially in July. It has rights to operate for the next 25 years. Apart from Yiu Wing's interests, Hong Kong-based brokerage Sun Hung Kai Securities owns a 40 per cent stake and China Chang Jiang holds the remaining 20 per cent. Mr Cheung said Yiu Wing's US$5 million deposit paid to China Chang Jiang for a power station development plan in the Philippines had been recouped. He said Yiu Wing was offered a choice between investing the deposit in a stake in a power plant in Nanping or taking the cash plus interest. 'A decision will be made by September,' Mr Cheung said.