China Strategic Holdings has agreed to sell its 30.67 per cent stake in listed construction company China Development Corp for HK$120 million. The buyer, Cyber Best Trading, is owned by Lin Che Chu. A deposit of HK$12 million has already been paid with HK$48 million to be paid on completion and the balance payable within 12 months of the deal's completion. The transaction is expected to be finalised on December 29. The deal values shares in China Development at 47.1 HK cents each - a premium of 132.02 per cent over the company's closing price on Friday of 20.3 HK cents per share. About 254.98 million shares are being sold in the deal. China Strategic was formerly controlled by Singaporean businessman Oei Hong Leong. In October, companies run by Charles Chan Kwok-keung acquired a 34.9 per cent stake in China Strategic while Mr Oei sold the remainder of his stake to unconnected investors. China Strategic was formerly known as China Internet Global Alliance. China Development has been involved in construction projects in China and around the region in countries such as Singapore, Indonesia and Malaysia.