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Far East Horizon sells underlying assets of 2 units

Hong Kong's Far East Horizon Ltd is selling the underlying assets of two subsidiaries to a unit of Guotai Junan Securities Co. Ltd. for 4.05 billion Chinese yuan.

Under separate agreements, Shanghai Guotai Junan Security Assets Management Co. Ltd. will buy certain underlying assets of International Far Eastern Leasing Co. Ltd. and Far Eastern Horizon (Tianjin) Financial Leasing Co. Ltd. for 2.63 billion yuan and 1.43 billion 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 846,000 yuan, which will be used for future finance lease transactions.

As of March 26, US$1 was equivalent to 6.27 Chinese yuan.