HKICIM Group (0687) to sell three projects to parent's units

    Hong Kong International Construction Investment Management Group (HKICIM Group) (00687) said it agreed to sell to controlling shareholder's subsidiaries the entire equity interest in each of Tysan Land (Shanghai) Limited, Tysan Land (Shenyang) Limited and Tysan Property Development (Tianjin) Co. Ltd. for Rmb585.8 million, Rmb762 million and Rmb435.8 million respectively.
  Tysan Shanghai is a single project company established in the PRC engaging in the operation of a residential and commercial property development project in Shanghai. Tysan Shenyang is a single project company established in the PRC engaging in the operation of a residential and commercial property development project in Shenyang. Tysan Tianjin is a single project company established in the PRC engaging in the operation of a residential and commercial property development project in Tianjin.
  It is expected that HKICIM Group will record an estimated gain of about HK$574 million from the disposals. HKICIM Group intends to use the net proceeds from the disposals as general working capital and/or to finance its business opportunities as and when appropriate.