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Peggy Sito

Tem Fat Hing Fung (Holdings) says it will sell its mainland property vehicle Dong Liang Group plus a loan to Island Dyeing & Printing Co for about US$37 million.

 Dong Liang, which has a shareholder's loan of HK$137 million, is an investment company whose sole asset is an interest in Cheung Fat Gardens - a residential development of two towers with parking in Shanghai.

 Dong Liang has a net asset value of HK$127 million and owns 99 units in Cheung Fat Gardens, 70 of which have been leased.

 Four units are presently occupied as a clubhouse facility.

 The deal, which was agreed to on Friday, calls for Island Dyeing to issue the same value of promissory notes at 3 per cent interest, with a maturity date of December 29, 2000.

 Tem Fat Hing Fung, and its subsidiaries and associates own a 33.71 per cent stake in Island Dyeing.

 Island Dyeing has signed a joint-venture contract with Sellington Investment, under which Sellington has been appointed the developer of a hotel-serviced apartment-retail complex located on a 84,798-square-foot site in Kwai Chung which is owned by Island Dyeing.

 Island Dyeing plans to utilise its share of the proceeds from the leasing or sale of the Kwai Chung project for the repayment of the promissory notes granted to Tem Fat Hing Fung.

 Island Dyeing said it had proposed changing its name in a move to identify its present business activities.



Island Dyeing to buy Dong Liang