Mainland firms keen on stakes in Century City

MAINLAND firms are interested in taking stakes in the Century City group of companies, according to group chairman Lo Yuk-sui.

Mr Lo said some mainland concerns, including existing business partners, had approached him for stakes in Century City International Holdings and its subsidiaries, Paliburg International Holdings and Regal Hotels International Holdings.

But no deals had been struck as there was disagreement over the discount asked by the parties, he said.

He said if his companies were to issue shares, many mainland interests would be keen to buy.

Although there was no immediate plan to sell shares to mainland firms, Mr Lo would not rule out the possibility in the long run.

The Century City group, through its property arm Paliburg, has launched aggressive investment plans in the past two years, with billions of dollars worth of projects in the pipeline.

Mr Lo said the capital actually paid by the group for projects in China was so far less than $100 million.