Conglomerate earmarks $8b for asset acquisitions as chairman eyes disposal of non-core holdings
Citic Pacific, run by Larry Yung Chi-kin, China's richest man according to Forbes magazine, plans to raise its stakes in mainland property projects and special steel manufacturing to fill the earnings gap left by the sale of its stake in Festival Walk.
With a land bank of 10 million square metres in prime sites in cities such as Shanghai, Ningbo, Wuxi, Yangzhou and Hainan, group chairman Mr Yung expects the projects to reap huge rewards in the next few years.
The conglomerate yesterday announced a net profit of $3.98 billion for last year, a 12.87 per cent increase on 2004.
Earnings per share were $1.82 and a final dividend of 80 cents per share was recommended, unchanged from a year earlier.
The company had a $520 million gain from property revaluation, $181 million in 2004.
