Hongkong China talks fail

LIPPO Group has announced that talks with a potential buyer of a listed property subsidiary, Hongkong China, have fallen through.

The unnamed independent third party had been investigating Hongkong China since the beginning of the month and had been given exclusive negotiating rights until November 28.

A deposit of $50 million, held in an escrow account until the outcome of the discussions, will be returned to the unnamed party.