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China's strict property controls prompt AVIC to auction off Chengdu Jujin

AVIC International Holdings Ltd.'s Chengdu AVIC Raise Real Estate Co. Ltd. is planning to launch the public tender for a joint venture company, noting that it was not able to obtain a yield on its investment due to China's increasingly stringent control policies on the real estate market.

Chengdu AVIC and Aviation Industry Corp. of China Ltd.'s Beijing Raise Science Co. Ltd. will place their 20/80 Chengdu Jujin Trading Co. Ltd. joint venture on the China Beijing Equity Exchange.

Chengdu Jujin is a China-incorporated liability company with about 112.3 million yuan of registered capital. It is principally engaged in the sale of construction machinery and materials and real estate management and development.

The asking price for the sale is yet to be set and will be subject to the approval of relevant Chinese regulatory authorities.

Avic International, a Hong Kong-based diversified strategic investment holding company, said the sale will further distance its operations from the residential property development market.

As of June 15, US$1 was equivalent to 6.44 yuan.