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CCCG to sell stake in unit, consortium wins Beijing site for 2.14B yuan

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According to Market Intelligence, December 2022

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CCCG to sell stake in unit, consortium wins Beijing site for 2.14B yuan

CCCG Real Estate Corp. Ltd agreed to an 810.2 million-yuan deal to divest a 29% interest in a real estate subsidiary based in Chongqing, China, to Gemdale Corp., a company headquartered in Shenzhen, China.

The stake sale was approved by shareholders and the company's board at an extraordinary general meeting held Dec. 7, a release noted.

CCCG holds an 88% stake in the unit, prior to the transfer of the stake.

Separately, a consortium consisting of CCCG and a Beijing-based partner submitted the winning 2.14 billion-yuan bid to clinch land use rights for a land plot in Beijing, according to a second release.

The 99,493.383-square-meter state-owned site has a total construction area spanning 218,506 square meters. The site has been zoned for the development of residential and educational assets, among other things.

As of Dec. 14, US$1 was equivalent to 6.61 yuan.