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Beijing Capital Land, unit to shed stake in hotel company for 667M yuan

Beijing Capital Land Ltd. and its unit Central Plaza Development Ltd. agreed June 5 to sell the 59.5% equity interest they held in Beijing Financial Street International Hotel Ltd. to Transcend Avenue Ltd. for 667.0 million yuan.

The equity interests of the acquired hotel management company, which owns the Financial Street International Hotel on Jinrong Street in the Xicheng district of Beijing, translate into 34% income rights in total.

Beijing Capital Land expects to gain about 667.2 million yuan in unaudited income upon the completion of the disposal, which it intends to use for general corporate purposes.

The company will not own any equity interest in the hotel management company once the disposal is completed.

As of June 4, US$1 was equivalent to 6.41 yuan.