Shenzhen Invest (00604) to gain HK$2.9bn from projects sale

    Shenzhen Investment (00604) said it agreed to transfer the entire equity interest and shareholder's loan of each of Foshan City Sanshui Shumyip Property Co., Ltd., Foshan City Sanshui Shumyip Hotel Co. Ltd. and Shenzhen Pengji Assets Management Co., Ltd. as well as transfer the entire equity interest of Foshan City Sanshui Shumyip Investment Co., Ltd. for a total of Rmb2,576 million, Rmb199 million, Rmb2,605 million and Rmb45.54 million respectively to Hengda Real Estate Group.
  It is expected Shenzhen Investment would record a net gain after tax of about HK$2.912 billion from the disposals. The net proceeds will be used for general corporate purposes.
  Sanshui Property and Sanshui Investment are principally engaged in property development and investment. Sanshui Hotel is principally engaged in property development, hotels investment and management. Sanshui Property, Sanshui Investment and Sanshui Hotel together own the development project located at Sanshui District, Foshan City, the PRC. The planned land use of the land is low-density residential and commercial/services usage. Pengji Assets Management Company is an investment holding company and its only investment is its equity interest in Taizhou Zhoushanhe, which in turn owns the development project "Shanglin Garden" located at Zhoushanhe Xincheng, Taizhou City, Jiangsu Province, the PRC. The planned land use of the project is commercial/residential usage.