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Hong Kong Energy Holdings to exit biomass business

Alternative energy firm Hong Kong Energy Holdings Ltd. said it plans to exit the biomass business in China due to continuing losses. The company, which mainly builds wind farms in China, announced plans to sell its entire 55% stake in a joint venture which turns corn stalks and grass into ethanol to its joint venture partner GeneHarbor (Hong Kong) Technologies Ltd. for HK$23.1 million (US$2.98 million). Hong Kong Energy said the biomass joint venture recorded a net loss of HK$11.1 million (US$1.43 million) during the April 14 to December 31, 2008 period. (May 27, 2009)