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SCMP Reporter

SOUTH China Holdings has arranged to place 87.5 million shares of associate South China Industries at $1.48 a share.

  The proceeds of about $126 million will be used to finance South China Industries' involvement in a leather products joint venture in Tianjin.

  The venture, with the Tianjin Group Co of Leather Shoes, will have a registered capital of about US$30 million.

  The Chinese partner will contribute machinery and factories covering 215,957 sq metres of land.



South China leather venture