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Yuexiu REIT manager closes deal to shed portion of Chinese commercial property

Yuexiu Real Estate Investment Trust's manager, Yuexiu REIT Asset Management Ltd., closed the sale of a portion of the Neo Metropolis Plaza in China to Singapore-based Metro Guangzhou Investment Pte. Ltd. on Dec. 21.

A roughly 1.18 billion yuan deal was signed for the divestment of the commercial complex in China's Guangdong province earlier in December.

The manager used about HK$935.5 million from the sale proceeds to fund Yuexiu REIT's purchase of a 67.0% stake in a holding company that owns an integrated development in Wuhan, China, according to a release. The remaining proceeds will go toward financing future acquisition opportunities and for general corporate purposes.

As of Dec. 21, US$1 was equivalent to 6.91 yuan.