Hang Lung Devt expected to announce non-property projects by yr-end

HONG KONG (AFX-ASIA) - Hang Lung Development Co Ltd chairman Ronnie Chan said the company is expected to announce non-property investment projects by the end of this year in an attempt to diversify its revenue sources. The Hong Kong Economic Times cited Chan as saying that since property developers still hold large inventories, the buyer's market is expected to continue over the next 1-2 years. Chan said prices of flats are expected to fluctuate in a 15 pct range. Meanwhile, Chan said the Hang Lung Group has no need for business restructuring. The remarks came after recent newspaper reports said the group is planning to transform Hang Lung Development into a holding company and make Amoy Properties the group's property flagship company.

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