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Newtree Group sells subsidiary for HK$30M

Macau-based healthcare supplies provider Newtree Group Holdings Ltd. is selling one of its subsidiaries given the unsatisfactory performance of the business.

Yuchi International Ltd. will buy the entire issued share capital of Tiger Global Group Ltd. for HK$30 million. The Tiger Global Group is in the business of jewelry and watches made of precious metals.

Newtree Group is expecting to record a loss of about HK$5.6 million as a result of the disposal.