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29 Feb 2000

Hong Kong Aircraft Engineering Co. Announcement

Hong Kong Aircraft Engineering Co. Ltd. (HAECO) confirmed today that it has signed agreements for the sale of all twelve units it owns in Twin Bay Villas, a residential complex in Clearwater Bay. All transactions are expected to be completed by the end of April 2000. Net sales proceeds will be approximately HK$82 million, and HAECO will reflect a gain on disposal of the same amount in its accounts for the financial year ending 31st December 2000.