HK-based ITC Properties to sell 96% stake in Million Cube’s Sanya hotel
ITC Properties Group Ltd has announced plans to sell a 65% stake in Paragon Winner, a 80% stake in a golf club, and a 96% stake in a hotel to Million Cube Ltd in Sanya, Hainan Province, for a total of RMB 746 million.
The Hong Kong-listed firm hopes to get RMB 737 million from the sales, and the proceeds will be used to repay loans from Industrial and Commercial Bank of China and to replenish working capital.
In fiscal year 2010 ended Mar. 31, ITC Properties reaped HK$ 314 million in operating revenue, reflecting a year-on-year jump of 117%, and its gross profits swelled to HK$ 50.6 million from HK$ 44.1 million in FY2009.
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