Beijing Media (HKG:1000) said its associate, Capital Securities, won the bid for certain properties held by its subsidiary Beijing Beiqing Outdoor Advertisement through a public tender on China Beijing Equity Exchange with a winning bid of 20.7 million yuan, a Thursday Hong Kong bourse filing said.

The target properties include six properties on the 15th floor of Block C, Grand Place, No. 5 Huizhong Road, Chaoyang District, Beijing, and are used for lease in full.

The expected proceeds from the disposal come in at 17.6 million yuan and the net proceeds are planned to be used for the development of the principal business of the group and to supplement its general working capital.