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Beijing Capital Land auctions entire stake in JV with 3.03B-yuan reserve price

Beijing Capital Land Ltd. launched a public tender on the China Beijing Equity Exchange to sell its entire 50% shareholding in Beijing Tiancheng Yongyuan Investment Management Co. Ltd. with a reserve price of nearly 3.03 billion yuan.

Beijing Tiancheng Yongyuan holds all the office building development projects at the F-03 block in Beijing's Lize Financial Business District. According to a filing, the sale will allow the Chinese developer to divest high-quality properties and further enhance its property valuation.

Bantex Investments Ltd., an affiliate of Beijing Capital Land, which owns the remaining 50% stake in Beijing Tiancheng Yongyuan, is also a potential bidder for the interest on offer, the property company noted.

Beijing Capital Land said it intends to utilize proceeds from the sale as general working capital.

The public tender will close after 20 working days, the developer added.

As of Sept. 10, US$1 was equivalent to 7.11 yuan.