Country Garden Services climbs to 2-month peak on Zhuhai Wanda stake sale

Country Garden Services Holdings

25/09/2024 03:39

** Shares of Country Garden Services  6098.HK  rise 5.1% to
HK$4.94, their highest since July 23 
    ** Stock set to extend gains for a sixth straight session,
if trend holds
    ** The property services arm of Chinese property developer
Country Garden Holdings  2007.HK  said on Wednesday it agreed to
sell its 1.49% stake in Zhuhai Wanda Commercial Management for
3.14 bln yuan ($446.54 mln)
    ** Country Garden Services says the sale allows the company
to streamline its investments, recover capital, and refocus on
its core business operations as part of its planned exit
strategy
    ** Hang Seng Mainland Properties Index  .HSMPI  surges 3%, 
Hang Seng Composite Index  .HSCI  rises 2.3% and Hang Seng Index
 .HSI  adds 2.2%
    ** Stock of Country Garden Services down 26.6%, YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))