BRIEF-China Zhongwang Proposes Spin-Off Of Liaoning Zhongwang Group Via Restructuring With CRED

March 23 (Reuters) - China Zhongwang Holdings Ltd:

* ZHONGWANG FABRICATION TO SELL 96.55% STAKE IN LIAONING ZHONGWANG FOR RMB29.45 BILLION TO CRED HOLDING

* CRED HOLDING TO SELL CRED XINJIANG FOR RMB200 MILLION TO ZHONGWANG FABRICATION

* CHINA ZHONGWANG HOLDINGS LTD PROPOSES SPIN-OFF OF LIAONING ZHONGWANG GROUP THROUGH ASSET RESTRUCTURING WITH CRED HOLDING

* PAYMENT OF RMB29.25 BILLION TO BE SATISFIED BY ISSUANCE OF 4.75 BILLION SHARES BY CRED TO ZHONGWANG FABRICATION Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)