Main board-listed e-learning services provider Learning Concept Holdings' is to buy a property asset in China which has yet to be developed. For a consideration of HK$25 million in shares, Learning Concept is buying the entire interest of investment holding company Longwise Development, and a HK$21.87-million shareholders' loan. Longwise has a registered capital of HK$100,000. Longwise is a private company owned by Lee Tat-man and Lee Siu Kam-yin. The company's sole asset is a 13,900 square metre plot of land in Chongqing. The plan was to develop a residential complex, but the development had not begun, Learning Concept said. Lee Tat-man and Lee Siu Kam-yin, the sole shareholders in Longwise, gained their interests in November 1999 when they were transferred from South Sea Nominees and China Castle Properties. Learning Concepts will become South Sea Holdings after the transaction. Asked whether South Sea Nominees had any connection with Sino-i.com, formerly South Sea Development, a Sino-i.com senior financial officer said he was not sure because the transaction occurred in 1999. Learning Concepts said the plot was worth HK$27 million as determined by independent valuer Vigers Hong Kong. The education portal operator said the transaction was part of a plan to raise its land bank in China in the hope it would benefit from an expected growth in land value after the mainland's World Trade Organisation entry. Learning Concepts was formerly known as Savoy Concepts, makers of telecommunications and consumer electronics products. The company was born last September after the HK$470 million acquisition of an 80 per cent interest in a mainland education portal, www.edu-edu.com.cn from Sino-i.com. The shares-only deal made Sino-i.com the controlling shareholder, with a 72.8 per cent stake.