Qingdao West Coast Holdings buys the owner of Ming Pao Weekly for $64.2m

State-owned Qingdao West Coast Development Group Co Ltd has bought Media Chinese International Ltd's subsidiary, the owner of Ming Pao Weekly in Hong Kong, for HK$498 million ($64.2 million), in the latest step by mainland companies into the overseas media market.

Media Chinese International said on Monday in a statement that its subsidiary, One Media Group Ltd, sold 73.01 percent of its shares and media business including its Hong Kong publication, Ming Pao Weekly, and related digital business to Qingdao West Coast Holdings (International).