Joy City Property (00207) said it agreed to sell 49% of the total issued shares of each of Fortune Set, Sunny Ease and Vivid Star to Joy City Commercial Property Fund L.P. for Rmb9,289 million, subject to adjustment.
The target companies, through their subsidiaries, indirectly control all or a majority of the interests in six mixed-use complex property projects in the PRC, including Beijing Xidan Joy City, Beijing Chaoyang Joy City, Shanghai Joy City, Beijing COFCO Plaza and COFCO Landmark Tower.
Joy City Property intends to use the proceeds for the development of its commercial property business, as general working capital and to repay existing indebtedness, which will help to improve the capital structure of the Company and to support the steady future development of the Group.
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