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FINWIRES

Century City, Paliburg, Regal Transfer Sale of Regal Oriental Hotel to Centaline JV

-- Century City (HKG:0355), Paliburg (HKG:0617), and Regal (HKG:0078) said they transferred the sale agreement involving the disposal of Regal Oriental Hotel to a Centaline Strategic Investments joint venture, according to a Hong Kong bourse filing Friday.

Shares of Paliburg fell over 2% in morning trade on Monday, while Century City was up 1%.

The firms had agreed to dispose of Regal Oriental Hotel at a property value of HK$1.52 billion, but said they could not reach a formal agreement with the purchaser, previously identified as Blue Sky Properties, an investment vehicle ultimately owned by Centaline Strategic Investments.

Instead, the firms will now sell the property to Goldenridge Worldwide, a joint venture of Centaline and investor Liu De Ye, Ching.

All other terms of the original sale agreement remain unchanged, the firms said.

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