Brief: Shanghai Industrial Urban Development updates on disposal of Zhuhai Qi'Ao Island project

Shanghai Industrial Urban Development

28/12/2015 14:02

Dec 28 (Reuters) - Shanghai Industrial Urban Development Group Ltd 
 0563.HK : 
 * Major transaction disposal of Zhuhai qi'ao island project  0563.HK  
 * Says seller, a wholly-owned subsidiary of the company, entered into the 
   agreement with the purchaser 
 * Purchaser agreed to acquire the sale share, representing entire issued share 
   capital of target co 
 * Purchaser agreed to assume the shareholders loan, for a total consideration 
   of RMB3.10 billion 
 * Would record an unaudited estimated gain of approximately RMB1.03 billion 
   before taxation from disposal 
 * Intends to use proceeds from disposal to finance its existing property 
   development projects, and new projects 
 
* Source text for Eikon  ID:nHKS8LQzbK  
 
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