CITIC Pacific Ltd<0267>, an arm of China’s biggest state-owned investment conglomerate, CITIC Group, has announced plans to sell a residential building to the parent company at a consideration of HK$99.67 million, according to a statement filed with the Hong Kong Stock Exchange.
 
The target residential building, which is designed to have 12 stories, will be located in Wanning, Hainan Province.
 
The property is expected to generate income of HK$21 million, said Hong Kong-listed CITIC Pacific.
 
Chang Zhenming, chairman of CITIC Group, previously said the company will enhance cooperation with its 58%-owned CITIC Pacific for further expansion in the real estate market.
 
Reportedly, CITIC Pacific, which focuses on special steel manufacturing, iron ore mining and property development in mainland china, has posted HK$8.92-billion net profit for 2010, 49.83% more than in 2009.
 

 
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