Greenland Hong Kong Holdings Ltd. shareholders approved the company's sale of its Chinese property development subsidiary, Nanchang Shenyang Real Properties Ltd., to Greenland Holdings Corp. Ltd. for US$283 million.

Nanchang Shenyang develops residential properties in the Xihu District and the new town area in Chaoyang District in the city of Nanchang, China. The properties cover 475,000 square meters, and most units have been pre-sold.

Greenland Hong Kong will use the proceeds from the sale for business developments and general working capital.