(29 April 2017, Hong Kong) Landing International Development Limited (“Landing International” or the “Company”, HKEx Code: 00582) announced today that it has entered into an agreement to sell an entire stake in a light-emitting diode company Ace Winner Holdings Limited (“Ace Winner”) and the loan it had previously granted to Ace Winner for a total consideration of HK$50 million. The Company would focus resources and efforts on its core business of the integrated resort development, gaming and property development business. 

After the disposal, the Company is expected to record an estimated gain on the disposal of approximately HK$10 million. The gained amount is intended to be used for any potential investment opportunities as may from time to time be identified or as general working capital. Since 2013, the Company has been diversifying its operations into various businesses and is now focusing its resources and efforts in the integrated resort development, gaming and property development business.

Mr. Yang Zhihui, Chairman of Landing International, said, “Landing International is strive to become an international developer and operator of integrated leisure and entertainment resort. After the disposal of LED business, the Company will concentrate our resources and efforts on our core business of integrated resort development and build up our “Landing” as an international leisure and entertainment brand. Our world-class integrated resort in Jeju, Jeju Shinhwa World is making smooth construction progress. We are looking forward to the grand opening of Jeju Shinhwa World in late 2017 and we aspire to become a world-class integrated destination resort in Jeju.”

- End -