Qingdao Holdings International's (HKG:0499) subsidiary NEQH Development and Construction agreed to dispose of its 95% stake in Bengbu City Huai Yi Construction and Development to Bengbu City Huaiying Investment and Management for 43.7 million yuan on Nov. 29, a Wednesday Hong Kong bourse filing said.

Bengbu City Huaiying Investment and Management had won the bid to acquire the stake for around 43.7 million yuan through a public tender on the Qingdao Property Rights Exchange.

The group expects to make a gain of 4.1 million yuan from the disposal. The net proceeds from the disposal are expected to be about 41.4 million, of which, the company plans to use 90% for expansion of its existing business and 10% for it is general working capital.