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Sandy Li

China Overseas Land & Investment chairman Sun Wenjie has reassured investors the company has sufficient resources to finance future expansion despite its recent joint purchase of a $5.5 billion site in Stanley.

 The company is part of a consortium, which also includes Paliburg Holdings and Regal Hotels International Holdings, that bought the 570,492 square foot site at Wong Ma Kok Road at a land auction early this month.

 Mr Sun said the company had low debt levels and did not anticipate problems getting financing in future.

 The company's debt-to-equity ratio had risen to 19 per cent from 17 per cent in the past financial year, Mr Sun said after the company's annual general meeting yesterday.

 He confirmed the company was negotiating over various projects in China but refused to elaborate.

 On Wednesday, Guangzhou Investment Co said it had teamed up with China Overseas Land and Glorious Sun Enterprises to develop a residential project in the L District of Pearl River New City in Guangzhou.

 It said it had a 30 per cent stake in the project while China Overseas Land had 40 per cent and Glorious Sun the remaining 30 per cent.

 Mr Sun declined to say whether China Overseas Land had signed an agreement to buy a 55 per cent stake in a joint venture with the Shandong's communications bureau to build five roads and two bridges.

 In a statement released yesterday, the company confirmed there were continuing negotiations but warned investors 'the proposals may or may not proceed'.

 Mr Sun said future government moves to curb speculation would be carefully considered because Hong Kong's economy was driven by property.



China Overseas bids to reassure investors