Groups take Lippo stakes

Groups take Lippo stakes

HONG KONG (AFP): Lippo Group said yesterday it made US$57.5 million from selling stakes in a suburban development project in Jakarta to two Hong Kong companies.

In a statement, Lippo said China Resources (Holdings) Co. Ltd., which is controlled by China's trade ministry, had taken five percent of PT Lippo Village, 25 minutes from the center of the Indonesian capital.

Hutchison Whampoa Ltd., controlled by tycoon Li Ka-shing, took 5.6 percent, the group added.

Launched in 1992, Lippo Village and its comprehensive range public services are aimed at Indonesia's fast-growing middle class. It also offers commercial and office space.