Recor in land sale

Recor Holdings says it has agreed to sell six parcels of vacant land on the mainland to two independent third parties for a total of 35.9 million yuan (about HK$33.41 million) to fully offset outstanding amounts owed to the two parties. Directors said the loss on the sales of the land parcels - all of which were in Dongguan, Guangdong - was estimated at $29.52 million and would be provided for in Recor's accounts for the year ended March 31, 1998. They said the sales would settle debts owed and relieve the company from having to develop the land.