Yuexiu Property (00123) said it agreed to sell three batches of properties located at Zhujiang New Town, Tianhe District, Guangzhou for Rmb714.5 million.
The developer expects to record a gain (before taxation) on the disposal of around Rmb430 million. The proceeds will be largely utilized for general working capital of the Group. Yuexiu considers the disposal is a good opportunity for the Group to dispose of its non-core business and assets.
The disposed project comprises the land and the buildings and structures erected on it, being the commercial podium part of the whole real property project known as Starry Winking, which comprise the disposed project as well as other residential buildings. The properties have a total gross floor area of around 19,285.81 square metres and were completed in about 2011. The land is approved for commercial use.
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