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Christine Chan

EXCHANGE newcomer Pearl Oriental Holdings is to buy a commercial property in Central for $400 million, for resale and long-term leasing purposes.

  The property trader and developer yesterday announced it had signed a preliminary sale and purchase agreement with the vendor, Ever Star Properties, which it said was an ''independent third party''.

   Lucky Ocean International, a wholly owned subsidiary of Pearl Oriental, was the vehicle used by the company in the transaction.

  The company said the purchase would be funded by the proceeds of the new issue, its internal resources and bank borrowings.

  The company has raised $250 million by offering 250 million new shares in January for its listing on the Hong Kong exchange.

  The property was located at No.58-64, Stanley Street, Central, together with the erection and buildings now under construction and to be erected there.

  The directors believed that the ''investment will strengthen the property portfolio of the company and will provide long-term profitability to the company''.

 An initial deposit of $5 million has been paid, and a further deposit of $35 million will be paid upon the signing of the formal sale and purchase agreement.

  A further deposit of $40 million will be settled within 45 days after the date of signing of the formal sale and purchase agreement, and another $40 million will be paid 45 days after that.



Pearl to pay $400m for Central tower