China New Town hits over 2-week high, plans education investment fund

China New Town Development

31/12/2018 03:30

** Shares of China New Town Development Co Ltd  1278.HK 
jump 15.1 pct to their highest since Dec. 14, after the
urbanization project developer says it will set up an investment
fund focused on the education sector
    ** The stock is headed for its biggest one-day gain since
Sept. 2017 
    ** Co plans to team up with Zhejiang Kailian and Kailian
Beijing to set up an investment fund investing in China's
private education sector as part of its township development
business  urn:newsml:reuters.com:*:nFWN1W200I
    ** Co says it will contribute 445 mln yuan ($64.7 mln) for
up to 50 pct stake in the investment fund
    ** As of last close, the stock had fallen 44.5 pct so far
this year
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  climbs 1.4 pct

($1 = 6.8755 Chinese yuan renminbi)

 ((Reuters Messaging:
donny.kwok.thomsonreuters.com@reuters.net))