Shui On Land (00272) said it agreed to sell a land with a total saleable gross floor area of 231,500 square metres in Foshan City, Guangdong Province, the PRC to Country Garden (02007) for Rmb1,726 million.
It is expected that the Group will record a loss after taxation of about Rmb90 million from the disposal. It is intended that the net proceeds will be used for Group general financial purposes.
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