Parkview Group signs off $833m asset sale

Shareholders of Hong Kong Parkview Group have approved a proposal to sell properties in Hong Kong and Britain to controlling shareholder, the Hwang family, for HK$833.4 million.

The asset sale paves the way for the group to concentrate on property development in China. The group owns units in the luxury Hong Kong Parkview development it built in Tai Tam.

After its shareholders' special meeting, group chairman George Wong Kin-wah said the group would explore opportunities in the mainland property market.

He said the group was considering acquiring a 2.3-million square foot commercial and residential development in Beijing, which was owned by the Hwang family. However Mr Wong, a member of the Hwang family, said it was still negotiating the details because of the project's huge investment cost.

Also approved yesterday was the proposal to reduce the par value of the group's issued shares from HK$1 a share to 10 HK cents a share.

Each unissued share of HK$1 would be divided into 10 shares of 10 HK cents each. Hong Kong Parkview would pay a special cash dividend of HK$1.62 a share following the capital restructuring.