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Far East Horizon to sell underlying assets to Baowu Group unit

Hong Kong's Far East Horizon Ltd. is selling underlying assets of two subsidiaries to a unit of China Baowu Steel Group Corp., or Baowu Group, for 978.8 million yuan.

Under separate agreements, Hwabao Securities Co. Ltd. will buy certain underlying assets of International Far Eastern Leasing Co. Ltd. and Far Eastern Horizon (Tianjin) Financial Leasing Co. Ltd. for 254.7 million yuan and 724.1 million yuan, respectively. The assets represent the rights and interests of the companies related to certain finance leases.

The transactions are subject to necessary approvals.

Far East Horizon said the sale will result in a net gain of about 200,000 yuan, which will be used for future finance lease transactions.

As of Aug. 8, US$1 was equivalent to 6.70 Chinese yuan.