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Shanghai Aquarium sale extended yet again

By Phil Boeyen, ShareChat Business News Editor

Friday 22nd September 2000

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Aquaria 21 - which once described doing business in China as a nightmare - continues to be dogged by problems there despite its best efforts to quit.

For the second week in a row the company says the settlement of the sale of the Shanghai Aquarium has been deferred for another week due to an administrative problem.

AQL says the purchaser of the aquarium, Radwin Properties, was due to settle today but has not yet done so because certificates from the Chinese joint venture partner, Shanghai Chang Feng Park and its controlling body, the Putuo District Government of Shanghai, have not been received.

Aquaria says it does not consider the receipt of the certificates is a condition precedent to the sale agreement but it is trying to help Radwin Properties to resolve the matter before the end of next week.

Aquaria last week confirmed it lost $13 million in the half-year to the end of June. The company's directors plan to make a recommendation on AQL's future next month when they know how much money is available for any possible alternative investment.

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