Shares of troubled property company Pearl Oriental Holdings fell 14 per cent yesterday after Hong Kong Chinese Bank (HKCB) said it would take possession of some of its car parking spaces and office property. Four wholly owned subsidiaries of Pearl Oriental received notices of receivership relating to car parking spaces and office property in Pearl Oriental Centre in Wan Chai. HKCB demanded repayment of HK$103 million, the sum of the principal plus interest. Pearl Oriental said the parking spaces and office properties, including the ninth and 22nd floors of Pearl Oriental Centre, were mortgaged to HKCB to secure the repayment of a loan which had fallen due. They were used as collateral for the HK$103 million loan, it said. The company said the parking spaces and office property had a carrying value of about HK$138 million as of June 30 last year. The company's directors said that HKCB's action would have minimal impact on the company's finances or operations as the loan was secured. Pearl Oriental also denied a report in a Chinese-language newspaper that its chairman, Wong Kwan, had reduced by HK$30 million the price of a 29.9 per cent stake that he had sold in the company. Mr Wong advised the company that the terms of the share sale agreement, including the consideration, had not been amended since the agreement was executed. Last month, Pearl Oriental said Mr Wong agreed to sell the 29.9 per cent stake to China Wanan Group, which is 50 per cent owned by listed Sun Man Tai Holdings, for HK$112.33 million. Pearl Oriental's share price fell 0.6 HK cent to close at 3.7 HK cents yesterday.