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Shenzhen Investment signs deal to sell project company for 361.5M yuan

A Shenzhen Investment Ltd. unit and Jingjiang Country Garden Property Development Co. Ltd. on June 5 made official a 361.5 million-Chinese-yuan equity transfer agreement announced late May.

As part of the deal, Jingjiang Country Garden will also pay the roughly 152.9 million yuan interest on all the shareholders' loans associated with the Taizhou City Pengxiang Property Co. Ltd. project company. It owns undeveloped land, which has capacity for 227,546 square meters, in Jiangyan district, Taizhou City, Jiangsu.

Shenzhen Investment is expected to log a net gain after tax of approximately HK$181 million from the sale, which will be used for general corporate purposes.

The sale is part of the company's strategy of exiting projects in third- and fourth-tier cities.

As of June 5, US$1 was equivalent to 6.80 Chinese yuan.