Yuzhou Properties (01628) said it agreed to sell 51.5% equity interests in Zhongwei Property Zhejiang Co., Ltd. for Shenzhen City Dongwo Runze Investment Corporation, LLP for Rmb1,200 million.
It is expected that a gain of about Rmb14.6 million will be accrued to the Group from the disposal.
The principal business of the project company is property investment and development and its principal asset is three parcels of land located at the southwest side of Hangzhou, Zhejiang Province, the PRC with a total site area of about 145,000 square metres and a total gross floor area of about 297,000 square metres. The group intends to develop the land into a high end residential complex, office building and retail area.
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