Shanghai Industrial Agrees to Sell Residential Units, Assets for 2.05 Billion Yuan; Shares Rise 2%

MT Newswires Live

Jul 21

Shanghai Industrial (HKG:0363) said it agreed to sell certain assets, including residential units, parking spaces, and land, in China for 2.05 billion yuan, according to a Hong Kong bourse filing Friday.

Shares of the real estate firm rose nearly 2% in afternoon trade Monday.

The company agreed to sell a residential unit to Quanzhou Zhenyuan for 96.2 million yuan, and certain commercial residential buildings located at two separate locations to Quanzhou Xinyuan for 1.15 billion yuan and 806.7 million yuan, respectively.

All the assets are located in Quanzhou City in China's Fujian province.

The company will use the funds for working capital purposes.

Both Quanzhou Xinyuan and Quanzhou Zhenyuan are ultimately owned by Quanzhou State-owned Assets Investment and Management Company.

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