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China Evergrande to sell noncore businesses to focus on property development

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China Evergrande to sell noncore businesses to focus on property development

agreed tosell certain of its noncore assets to focus on property development andother relatedbusinesses.

The businessesto be sold, for 2.70 billion Chinese yuan, concern its operations in grain andoil, dairy products and spring water, according to a filing.

Throughsubsidiaries, China Evergrande entered into separate Sept. 28 agreements tosell the grain and oil business to Shenzhen Lailailai Industrial Co. Ltd. for600 million yuan; the dairy products business to Shenzhen Mingcheng DulingCommerce Co. Ltd. and Sunlight Property Management Ltd. for 300 million yuan;and the spring water business to Shenzhen Sanwei Duling Vehicle Sales ServicesCo. Ltd. and Lipu (Hong Kong) Ltd. for 1.80 billion yuan.

ChinaEvergrande expects an unaudited pretax gain of about 5.70 billion yuan from thedisposal, factoring in the businesses' unaudited net liabilities and the cashconsideration.

As of Sept. 27, US$1 wasequivalent to 6.67 Chinese yuan.