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China Jinmao exits 28B yuan Shanghai project via 6B yuan stake sale

China Jinmao Holdings Group Ltd., through its Loyal Power Properties Ltd. subsidiary, is selling all of its interest in the developer of a commercial and office complex in Shanghai, which could fetch nearly 27.93 billion yuan upon completion.

Loyal Power entered into an agreement to sell its 50% stake in Shanghai Xingwaitan Development & Construction Ltd. to Shanghai International Port (Group) Co. Ltd., the owner of the other half-stake in the target, for approximately 6.00 billion yuan.

Shanghai Xingwaitan is the developer of the Shanghai Star Harbour International Centre Project, which has a site area of 40,577 square meters and total gross floor area of 427,631 square meters.

China Jinmao is expecting gains of roughly 2.80 billion yuan from the sale of the interest that it marketed in November via listing on the Shanghai United Assets and Equity Exchange.

Under the same deal, Shanghai International will also shoulder the repayment of Shanghai Xingwaitan's approximately 2.73 billion yuan debt, along with accrued interest, to China Jinmao subsidiary Shanghai International Shipping Service Center Co. Ltd.

As of Dec. 28, US$1 was equivalent to 6.53 yuan.