CENTURY City International is to sell a seven per cent stake in Hong Kong-listed Paliburg International Holdings to mainland investment group Daqing Qingda Economic and Trading Holdings for $450 million. The sale is designed to help give Paliburg a stronger foothold in the vast China market. The transaction will take the form of a placement by Century City to Paliburg of 100 million existing shares by March 19 next year at $4.50 a share. This represents a four per cent premium to Paliburg's closing price yesterday. The sale will reduce Century City's shareholding in Paliburg from 74.8 per cent to about 67.8 per cent. Lo Yuk-sui, chairman of both Century City and Paliburg, said: ''This investment by Qingda in Paliburg should prove to be mutually beneficial, particularly in facilitating further business development by the Paliburg group of companies in China.'' Qingda chairman and general manager Wang Hanmin has been invited to join the Paliburg board. Qingda is one of the largest investment arms of the city of Daqing. It has diversified interests ranging from petrochemicals to trading and property development. Mr Lo said the Qingda link-up would give Paliburg an opportunity to expand its existing property and hotel interests further into China, and to diversify its portfolio into new areas around Daqing.