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China Jinmao Holdings lists 50% stake in unit for sale

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China Jinmao Holdings lists 50% stake in unit for sale

China Jinmao Holdings Group Ltd. listed its 50% equity stake in Shanghai Xingwaitan Development & Construction Ltd. for sale on the Shanghai United Assets and Equity Exchange.

The formal disclosure on the bourse comes after the company announced its plans to divest its respective 50% stakes in three non-wholly owned units including Shanghai Yin Hui Real Estate Development Co. Ltd. and Shanghai International Shipping Service Center Co. Ltd.

Shanghai International Port (Group) Co. Ltd. holds the other 50% equity interest in Shanghai Xingwaitan and will not be waiving its statutory pre-emption right, according to a release from China Jinmao.

China Jinmao has not yet confirmed the buyer and the consideration for the sale and said it has not entered into any binding agreement for the plan.