Aceso Life Science Group (HKG:0474) said it further divested its holdings in Hao Tian International Construction Investment Group (HKG:1341), according to a Hong Kong bourse filing Tuesday.

Shares of the property leasing firm fell 12% in morning trade on Wednesday, while those of Hao Tian declined 4%.

The company sold nearly 569 million shares in Hao Tian International held by unit Hao Tian Management (Hong Kong) at an average price of HK$0.232 for HK$132 million in total.

The shares, which represented 7.35% of Hao Tian International's issued share capital, were sold on the open market.

Aceso Life will use the proceeds for repaying debt and general working capital, it said.

The sale follows an earlier development in which a lender offloaded some of Aceso's holdings in Hao Tian pledged as security under a HK$150 million loan facility.

The lender sold nearly 1.39 billion shares of Hao Tian International held by Aceso Life unit Hao Tian Management (Hong Kong) for HK$524.3 million in total.

After deducting HK$151 million in principal plus interest, the lender planned on returning the balance to HT Management.

That sale reduced Aceso's shareholding in Hao Tian International to 10.27% from 28.16%.