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China Properties proposes share consolidation

China Properties Investment Holdings Ltd. is proposing to consolidate its shares in which 20 issued and unissued ordinary shares will become 1 ordinary share.

The Bermuda-incorporated Hong Kong-based investment holding company said, prior to consolidation, that each share has a par value of 1 Hong Kong cent. After the process, each consolidated share will be valued at 2 cents.

In April, China Properties said it is expecting "substantial" losses for the year ended March 31. The company attributed the forecast largely to a net realized and unrealized loss of roughly HK$136 million on its investments in listed securities.