Guangzhou R&F Properties sells properties to chairmen

Nov. 24, 2008 (China Knowledge) - Hong Kong-listed Guangzhou R&F Properties Co Ltd<2777> announced on Monday it sold two properties to its board chairman Li Silian and vice chairman Zhang Li for RMB 82.74 million, market sources reported.

In a filing with the Hong Kong Stock Exchange, the developer said the payment is expected to be completed by Dec. 30 this year.

The company will be gaining a net profit of RMB 32.6 million from the property sales, which will be used to finance the development of other projects.

In addition, the two chairmen paid about HK$34 million to buy 2 million shares in R&F Properties between May and June this year. On Aug. 15, Li Silian bought additional 1.5 million shares worth HK$19.53 million. Moreover, the two chairmen acquired 5.774 million shares valued at HK$19 million in total from the end of October to the beginning of November, according to the statistics released by the HKEx<388>.