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LONDON (Alliance News) - Asian Growth Properties Ltd Wednesday said it has appointed Lincoln Lu as an executive director of the company.
The Hong Kong-based property development and investment company said that Lam Sing Tai has also been appointed as a non-executive director.
Lu, aged 39, is an executive director of SEA Holdings Ltd.
SEA holds about 97.17% of the issued shares of Asian Growth Properties Ltd, and Lincoln Lu, through his direct and indirect shareholding interests in SEA, is deemed to have an indirect beneficial shareholding interest of 98 million shares in the company.
Asian Growth also reported a net profit of HKD474.5 million for 2013, or about GBP37.0 million, down from HKD1.33 billion, or GBP105.9 million, in 2012 as the revaluation surplus on investment properties, net of deferred taxation, fell sharply.
Excluding this, profit was GBP16.0 million, up from GBP2.3 million.
It said it generated more gross rental income from the Dah Sing Financial Centre in Hong Kong and occupancy stayed high, while the hotel operation results of Crowne Plaza Hong Kong Causeway Bay were satisfactory. The commercial podium, all public car parking spaces and all the remaining residential units of The Forest Hills were sold, with only the resident's car parking spaces to be sold, it added.
Shares in the company closed 11.8% lower Wednesday, at 15.00 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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