Two units of Hua Yin International (HKG:0989) agreed to sell the entire equity interest of Jilin Province Ground Tourism Development to Changchun Nabaili Trading for 1 yuan, a Friday bourse filing said.
Jilin Province Ground Tourism Development, through its unit, has a cultural tourism property project in the Jilin province in China with a gross floor area of 676,497 square meters for residential and commercial use.
The company ran into several hurdles during the construction of the project, which began in 2017.
The subsidiaries of Hua Yin International are selling the unit due to the gloomy outlook of the project, the likelihood of idle land confiscation, an overdue loan the company failed to pay, and the development expenditure needed to complete construction.
The disposal is subject to shareholder approval and a related circular is expected to be dispatched to shareholders by Nov. 15.
Shares of real estate firm Hua Yin International closed over 18% lower on Monday.
Price (HKD): $0.03, Change: $-0.0060, Percent Change: -18.18%
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