Indonesian-backed conglomerate Lippo Group yesterday announced the latest phase of its corporate restructuring programme with the sale of an 8 per cent stake in its listed property arm Hongkong China to mainland-controlled China Resources (Holdings). China Resources paid $583 million, bringing its total holding in the property and financial company to close to 10 per cent. To reflect the new shareholding structure Hongkong China's name is to be changed to Lippo China Resources. 'We see this as a great opportunity to further strengthen the existing ties between Lippo and China Resources,' Lippo chairman Stephen Riady said. China Resources would be better positioned to leverage Lippo's position in financial services and at the same time allow Hongkong China to tap into China Resources strengths in mainland China, the companies said. 'We see financial services as an important growth industry and therefore strategically important for the group,' China Resources president Zhu Youlan said. Following the deal the major shareholders in Hongkong China will be China Resources (9.56 per cent) and Lippo (61.7 per cent), with 28.7 per cent in public hands. China Resources (Holding) is controlled by the Ministry of Foreign Trade. Its Hong Kong-listed arm, China Resources Enterprise (CRE), was involved in the first part of Lippo's restructuring announced on Thursday. CRE set up a 50-50 joint-venture with Lippo, named Lippo CRE (Financial Services), which will own 75 per cent of of HKCB Bank Holding Co, the listed company which owns the unlisted Hongkong Chinese Bank. As part of this latest restructuring, Lippo's 50 per cent holding in Lippo CRE will be transferred to Hongkong China. 'The restructuring will also bolster the diversify the earnings base of Hongkong China by bringing in a new revenue stream from HKCB Bank Holding,' Mr Riady said. Before the restructuring, revenue from HKCB Bank Holding went straight to Lippo. 'After the reorganisation, Hongkong China will become the holding vehicle of a diverse financial services group in addition to its property holdings. This should increase the recurrent earnings of Hongkong China, strengthen its asset base and present an excellent opportunity for Hongkong China to expand its financial services business,' Lippo said.