Yuexiu Property (00123) said it agreed to sell 2% equity interest in Guangzhou Hong Sheng Property Development Co., Ltd. and loan for Rmb158 million.
The Group is expected to record a gain (after tax) of about Rmb315 million from the disposal. It is expected that the net proceeds will be used for the Group's general working capital purposes. Upon completion, Yuexiu Property will hold 49% stake in the project company.
The project company is currently engaged in the ownership, development and management of Yue Xiu - Xing Hui Yun Cheng project. The project, when completed, will be a large-scale mixed-use residential and commercial project, comprising (among others) 30 blocks of high-rise bungalow flats, a large shopping area, an exclusive clubhouse and a first-class school. The project is currently being constructed and is estimated to be completed in 2022. The project is located at Hongyun Chemical Painting Factory, South China Expressway, Tonghe Village, Baiyuan District, Guangzhou City, Guangdong Province.
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