Sino-Ocean Unit to Sell 23% Stake in Investment Property Development Firm

MT Newswires Live

04/14

A unit of Sino-Ocean Group (HKG:3377) agreed to sell a 23% equity stake in Beijing Shengyong Property Development and Investment to Rizhao Steel for around 322.3 million yuan, an April 11 filing with the Hong Kong bourse said.

The firm will use net proceeds, which are estimated to be around 86.9 million yuan, to maintain basic working capital.

Following completion, buyer Beijing Yin Gang Real Estate Development will own a 12% stake in investment property development firm Beijing Shengyong Property Development and Investment.

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