Great Eagle buys land in Dalian

Oct. 19, 2009 (China Knowledge) - Great Eagle Holdings Ltd<0041>, one of the leading property and hotel companies in Hong Kong, announced that it has won the bid for a piece of land in Dalian, Liaoning Province, for RMB 734.4 million, sources reported.

The land parcel, which is located at the commercial and financial center of the coastal city, has a potential floor area of 286,000 square meters.

Great Eagle has paid RMB 520 million for the land parcel, and the remaining will be funded by the company's internal resources or loans from bank.

Reportedly, the Hong Kong-listed company is considering setting up a joint venture with a third party to co-develop the land, and it has already been in talks with a potential partner on the cooperation.

Great Eagle's revenue dropped to HK$1.82 billion in the first half of this year, down 25.4% from HK$2.44 billion over the corresponding period of last year.

According to the firm's interim results, the company realized HK$570.6 million of after-tax profit from its core business, up 11.4% from HK$512.1 million a year earlier.

Shares of Great Eagle fell 0.71% to close at HK$21.05 on Friday.