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GuocoLand to sell Tianjiin, China, developer for 581M yuan

GuocoLand Ltd. agreed to sell a property development subsidiary based in Tianjin, China, for about 581.4 million yuan.

GuoSon Investment Co. Ltd. is selling its entire stake in Tianjin Zhongxin Mingshi Real Estate Development Co. Ltd. and will novate the debt it owes in the target to Tianjin Hua Xia Jin Hui Investment Co. Ltd.

The sale will allow GuoSon to exit from Tianjin Zhongxin faster, instead of placing the project company in voluntary liquidation.

Following the sale, Tianjin Zhongxin will cease to be an indirect wholly owned subsidiary of GuocoLand.

As of Dec. 8, US$1 was equivalent to 6.62 Chinese yuan.