Art Group (HKG:0565) unit Right Lane International agreed to sell Max High International to Chen Wenlan for HK$1.

The target, incorporated in the British Virgin Islands, engages mainly in the property operating business in China.

The target group has recorded consecutive net losses for three years and has liabilities of HK$128.7 million as of June 30.

The disposal will allow the company rationalize its asset and resource allocation and boost its overall financial flexibility.