date:Mar 21, 2014
ank Lai told reporters on Thursday.
This HK$4.3 billion cushion plus two years' time, we are very comfortable it will become a very valuable asset, Lai said. We can book in the sales from the JV in the third or fourth quarter this year.
Lai expects the Tesco joint venture will eventually get approval from Chinese authorities.
I expected them to be approved by May or June, he said.
PROFIT SLUMP
CRE on Thursday said full-year net profit fell to HK$1.91 billion ($246 million), the lowest since