Shimao Unit to Sell 50% Stake in Property Development Firm

MT Newswires Live

Jul 03

A unit of Shimao Group (HKG:0813) will sell a 50% stake in Beijing Fuhua Yuntong Real Estate Development, and a 6.2 million yuan debt it owes to the seller, to Fuhua Property for 156.2 million yuan, a Thursday Hong Kong bourse filing said.

The target firm is a property development company and holds a mixed-use business and commercial complex in Beijing.

Following completion, the real estate firm will no longer hold any interest in Beijing Fuhua Yuntong Real Estate Development.

The firm will use proceeds from the sale to repay onshore indebtedness.

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