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Avic International holds talks with affiliate for planned China real estate exit

Avic International Holding (HK) Ltd. is in negotiations with an unnamed affiliate for the completion of its planned exit from China's real estate market.

In April, the Hong Kong-listed investment holding company flagged its exit from the sector through its proposed 680 million-yuan divestment on the China Beijing Equity Exchange of its Ease Triumph International Ltd. property development subsidiary.

Avic International's sale of Ease Triumph is being done pursuant to a one-year mandate approved by its shareholders on June 15. Since the eligible buyer was found to be affiliated with Avic International, the deal between the parties can not continue according to the terms of the proposed disposal without satisfying additional requirements under Hong Kong's listing rules.

Avic International noted that the proposed transaction may or may not proceed as discussions between the parties are still ongoing. It maintained in a filing that it will still continue with the planned exit even if the current talks fall through.

As of Sept. 3, US$1 was equivalent to 6.82 yuan.