FAR East Consortium is in negotiations with two suitors, one a mainland party, with a view to selling down its controlling stake in Far East Holdings.
The group is also looking to reap $120 million a year from its part in building the biggest shopping centre in Xian - a 600,000 square foot extravaganza aimed at the local and big tourist market there.
After yesterday's general meeting, managing director David Chiu Tat-cheong said the talks that kicked off 16 days ago - prompting a notice to the stock exchange - were still continuing, although nothing had been finalised.
Mr Chiu said: ''We are talking to two parties. One is related to a mainland party and the other is not.
''Obviously these two parties want a controlling block: now shares are held 36 per cent by the family (of Mr Deacon Chiu Te-ken) and 32 per cent by Far East Consortium.
''If the price is right we would definitely consider selling - otherwise we would not have started talking in the first place.'' Mr Chiu said that if the talks foundered, the group would look to hive off the cinemas owned by Far East Holdings.
Since the 1992 annual report was printed, the group has raised $42 million through the sale of its Kwun Tong cinema, which had a book cost of about $10 million.
