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1. Shui On unveils plans to spin off real estate unit
2. KCRC's Tsuen Wan housing project draws HK$3.54b land premium
3. KCR service arrangements for Western Corridor Walk for Millions

1. Shui On unveils plans to spin off real estate unit
PEGGY SITO , SCMP 13 April 2007

Shui On Construction and Materials (Socam) plans to spin off its real estate division developing five projects on the mainland for a separate listing before year-end.

The firm announced profits for the most-recent reporting period had surged thanks solely to another property share sale.

Company chairman Vincent Lo Hong-sui said the portfolio of mainland projects, which were distressed or partially completed, would be exchanged for shares in a new vehicle called China Central Properties, which will seek a listing on a major stock exchange.

"Markets in Europe and Hong Kong 's GEM board are the possible listing venues," said Mr Lo.

He unveiled the plan after Socam announced a net profit for the nine-months to December of HK$602 million, a 91 per cent jump from HK$315 million for the year to December 2005. This was due to the HK$804 million gained from the local listing of its 29.3 per cent owned Shui On Land in October.

The company switched its financial year to the calendar year in 2006.

Its revenue rose to HK$1.68 billion, up 20 per cent over 2005.

The firm's cement business, in which it teamed up with French giant Lafarge in 2005, lost HK$53 million due to an HK$84 million provision as it moves into new lines at the behest of mainland authorities.

Mr Lo said it was a suitable to spin off the distressed property unit in view of the strong growth potential of the mainland market. Distressed properties are projects the original owners failed to complete, often because of financial hurdles.

"Seeking a listing is the best way to raise capital for China Central Properties to expand," he said. "[The board is] now discussing Socam's future business direction."

In the China Central Properties listing, Socam plans to subscribe to HK$1.2 billion worth of shares, and own between 35 per cent and 50 per cent of the unit, the company said.

Other strategic equity shareholders include JP Morgan and Spinnaker, joint-venture partners of the five projects, which include residential, office and shopping spaces in Beijing , Chengdu , Dalian and Qingdao .

Directors declared a final dividend of 52 HK cents, compared with 25 HK cents a share for the previous year. The stock fell 0.35 per cent yesterday to HK$17.06, but is up 22 per cent in the past six months.

2. KCRC's Tsuen Wan housing project draws HK$3.54b land premium
YVONNE LIU , SCMP 13 April 2007

Kowloon-Canton Railway Corp's Tsuen Wan West Station residential project has had a land premium levy of HK$3.54 billion imposed by the Lands Department, sources said.

Tenders for the HK$5.4 billion development must be in by April 27. The premium, to be paid by the developer, translates into HK$2,909 per square foot.

3. KCR service arrangements for Western Corridor Walk for Millions
MTR Press Release, 13 April 2007

The Kowloon-Canton Railway Corporation (KCRC) will strengthen the services of West Rail and Light Rail for the Hong Kong – Shenzhen Western Corridor Walk for Millions organised by The Community Chest on 15 April 2007 (Sunday).

Participants are advised to make use of the West Rail Discovery Pass on the event day which allows them to enjoy unlimited rides on West Rail, Light Rail and all KCR feeder buses on the day of purchase. The $20 Pass, available at all West Rail ticket offices, offers participants low fares to explore various sightseeing spots in the North West New Territories after the Walk.

For the Walk for Millions, the Community Chest will arrange free shuttle bus services at the northern public transport interchange of Siu Hong Station to take participants to and return from the starting point. Participants can take West Rail, Light Rail or KCR bus route K51 to get to Siu Hong Station.

KCRC will also deploy additional staff at Siu Hong Station to assist passengers. This will be supplemented by public announcements and notices at the station. Services of West Rail and Light Rail will be strengthened as required by actual passenger demands.