Hong Kong Parkview Group plans to sell its interest in ferry operator CTS-PV to Macau gambling magnate Stanley Ho Hung-sun's Shun Tak Holdings for $330 million. The loss-making developer last night said it was taking steps to restructure its business in the wake of Hong Kong's economic downturn. Hong Kong Parkview, which develops upmarket flats, is struggling to reduce debts by offloading non-property assets. This week it sold its licence to distribute Hyundai vehicles to the Swire Group's car trading arm. Hong Kong Parkview said it planned to sell all of its 50 per cent stake in CTS-PV to Shun Tak Holdings or Shun Tak's affiliate. The agreement would be subject to the agreement of CTS-PV's other 50 per cent shareholder, CTS. CTS-PV operates high-speed ferries between Hong Kong and Macau, Shenzhen and Guangzhou. It had audited consolidated net assets of $464 million on March 31. 'The company considers that the sale [of the speed ferry operator] will place the company in a better financial position to take advantage in the future of other opportunities in its core business area of property development,' it said. Money raised from the sale would go largely to repaying undisclosed existing bank debts. The price was based on the share capital, deficits and shareholders' loan in the audited accounts of CTS-PV in the year to March 31. Hong Kong Parkview said it had received a $150 million deposit, and a definitive agreement must be signed by November 18. It warned that the transaction was a possibility and there was no certainty that a definitive agreement would be entered into. Shun Tak, partly held by Mr Ho, also runs high-speed ferries between Hong Kong and Macau. CTS-PV's audited consolidated operating profits before exceptional items and taxation rose to $4.6 million in the year to March from $4.1 million in the previous year. Its audited consolidated operating profits after extraordinary items and taxation but before minority interests fell sharply to $2.6 million from $9.3 million. Hong Kong Parkview saw its share price close yesterday at $1.96 against the year's peak of $5.50. Last month, it attempted to slash salaries of 70 managers, blaming the move on a $49.78 million attributable loss in the year to March. It made a $154.25 million attributable profit previously. Taikoo Motors yesterday said it bought Hong Kong Parkview's licence to distribute Hyundai vehicles for an undisclosed amount.