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Loss making OOIL offloads China properties

Loss making OOIL offloads China properties

Singapore: Orient Overseas (International) Ltd (OOIL) has sold $2.2 billion in Chinese property to Singapore's CapitaLand as the loss-making Hong Kong company seeks to raise cash and focus on its core shipping business. The sale of residential, hotel, and retail properties in China will generate $1 billion profit for OOIL in 2010 after it posted a net loss in the first half of last year, badly hit by the global economic crisis.?The deal with CapitaLand, Southeast Asia's largest property developer, is expected to be completed by the end of the first quarter with the approval of OOIL shareholders, CapitaLand said.?Trading in shares of OOIL, a Hong Kong-based container ship operator, and CapitaLand, were suspended on Monday pending announcements, the companies said.  [19/01/10]

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