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China Sandi Holdings to sell 37% stake in real estate JV

China Sandi Holdings Ltd. agreed to sell its 37% stake in Xi'an Zhichengda Real Estate Co. Ltd. for 362.3 million yuan.

Under the agreement, China Sandi subsidiaries Fujian Sinco Industrial Co. Ltd. and Grand International Development Co. Ltd. will sell their 0.35% and 36.65% stakes, respectively, in Xi'an Zhichengda Real Estate to Xi'an Chongfeng Real Estate Co. Ltd.

Completion will take place after the registration of share transfer in respect of the sale at relevant governmental authorities.

Xi'an Zhichengda Real Estate is a joint venture solely involved in the development of a mixed-use project with a gross floor area of about 625,630 square meters in Xi'an in China's Shaanxi province. The project is slated for completion in 2021.

As of Oct. 4, US$1 was equivalent to 7.15 Chinese yuan.