Brief: China International to sell unit to Beijing Hongkunweiye Property Development

China International Holdings

04/10/2016 10:28

Oct 4 (Reuters) - China International Holdings Ltd  CHNA.SI  
    * On 29 september 2016, unit entered into conditional sale 
and purchase agreement with Beijing Hongkunweiye Property 
Development Co. 
    * Net proceeds from proposed disposal are estimated to be 
approximately rmb421.51 million 
    * Gain on disposal for group would have been approximately 
rmb115.46 million 
    * deal in relation to disposal of entire equity and debt 
interests in its subsidiary, Tianjin Xinzhong Property 
Development Co 
    * Deal for consideration of rmb460 million 
    * Consideration shall be satisfied in cash in renminbi 
    * Intends to use net proceeds to repay group's outstanding 
debts and strengthen financial position of group 
 
Source text for Eikon:  ID:nSNZ7PL8wl  
Further company coverage:  CHNA.SI  
 
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