New World China Land to raise Nanjing Huawei stake to 80 pct

HONG KONG (AFX-ASIA) - New World Development Co Ltd said its wholly owned unit New World China Land Ltd has agreed to raise its stake in Nanjing Huawei Real Estate Development Co Ltd to 80 pct from the current 48 pct.

	    In a statement, New World Development said to raise the stake, its unit will acquire the Hanjing Huawei stake from two vendors for about 45.78 mln hkd.

	    The statement said the sole business of Nanjing Huawei is the holding of the entire interest in Nanjing New World Centre located in the Xuanwu district of Nanjing. 

	    Construction of the centre is under way and is scheduled to be completed in 2003 for use as serviced dapartments and by retail and hotel businesses.

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