A LARGE property project in Fang village, Guangzhou, to be developed by New World Development, Henderson Land and World International will go ahead as scheduled with its progress unaffected by mainland austerity. Ling Lap-kung, spokesman for the Fung village, says the three companies have paid the land premium and $200 million compensation to farmers who have been displaced. Demolition work has begun and construction is expected to begin by the end of the year.- ECONOMIC JOURNAL VILLA Athena in Sha Tin has sold well without Henderson Land having to raise the mortgage lending ceiling to 70 per cent. Henderson is now considering abandoning its plan to raise the mortgage ceiling for its developments, with buyers willing to acquire units at the present ceiling.
A spokesman says two commercial and residential developments will be put on the market soon. The development at Shamshuipo will be put on sale on Wednesday. Opening price is more than $4,000 a square foot. The Sheung Shui project will be put on the marketon September 5 and will accept buyer registrations from August 27. - ECONOMIC TIMES THE Malaysian Berjaya Group, the major shareholder in Wing Hung Kee, plans to use the Hong Kong company as a vehicle for mainland investment. - ECONOMIC TIMES THE Chinese Temples Commission has invited bids for the construction of a crematorium in the Junk Bay Chinese cemetery. It is expected that Herald, which is believed to have submitted the lowest bid of $108 million, will be awarded the contract. - MING PAOSINO Land is said to be refinancing a loan for its 1 May Road redevelopment project. The company plans to develop a property it bought several years ago into a 34-storey luxury residential building and will invest a total of $500 million in the project. -ORIENTAL DAILY NEWS SHKP is seeking a $900 million loan but market sources say that because the interest rate spread is not attractive, response has been poor and SHKP would be better advised to arrange the loan with a number of banks which have close contacts with the company instead of arranging for a syndication. - ORIENTAL DAILY NEWS THE 32nd floor of 213 Queen's Road East, Wan Chai, has been sold by Hopewell for $104.3 million. The area is 24,558 sq ft. - ORIENTAL DAILY NEWS THE hotel unit of Miramar Group has made a $170,000 profit in the 1992-93 financial year after a period of consecutive losses. In the previous year, the unit recorded a loss of $19 million. Operating revenues rose from $50 million to $85 million. - MING PAO YIP Chi-shing, chairman of Yip's Hang Cheung, says the company's new factory in Shenzhen is expected to be in full operation at the end of this month. The factory will use advanced machinery and storage facilities to enhance production efficiency and willsupport the operations of Yip's petrochemical plant on the mainland. Sales of Yip's paint products in China have increased and new products have been introduced.- SING TAO
