Refile: UPDATE 1-Country Garden Services to sell stake in Zhuhai Wanda for $446 mln

Country Garden Services Holdings

25/09/2024 24:48

(Corrects typographical error in paragraph 4)
       Sept 25 (Reuters) - Country Garden Services  6098.HK ,
the property services arm of Chinese property developer Country
Garden  2007.HK , said on Wednesday it agreed to sell its 1.49%
stake in Zhuhai Wanda Commercial Management for 3.14 billion
yuan ($446.54 million).
    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, it said.
    Once a top developer by sales, Country Garden is undergoing
an offshore debt restructuring after defaulting on its $11
billion offshore bonds last year.
    The beleaguered company also reported a drop of more than
38% in its first-half profit for 2024.

($1 = 7.0318 Chinese yuan renminbi)

 (Reporting by Roshan Thomas in Bengaluru; Editing by Alan
Barona and Rashmi Aich)
 ((Roshan.Thomas@thomsonreuters.com))