UK, CHINA SETTLE PROPERTY CLAIMS

UK, CHINA SETTLE PROPERTY CLAIMS

Britain has agreed to accept a Chinese offer of 23.5 million ($41.3 million) for British assets confiscated after the 1949 communist revolution. That's less than 8 percent of the sum claimed.

Foreign Office Minister Timothy Eggar, announcing the settlement in a House of Commons written reply, said Britain would pay China 2 million ($3.5 million) for property requisitioned by Britain during the Korean War of 1950-53.Britain originally claimed 300 million (then $840 million) for lost assets in China, ranging from a chocolate factory and the Shanghai Race Club to racing saddles, polo sticks, bathing huts and bonds.

Britain has now settled claims against the world's two major communist powers.

The Soviet Union began payment last year of 46 million ($81 million) on claims originally totaling 400 million (then $1.8 billion) from the 1917 revolution.

Communist Bulgaria has agreed to pay Britain 1 million ($1.76 million), but claims against Albania and East Germany are still unsettled.