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China Evergrande to buy Ying Li project in Chongqing, China, for 3.29B yuan

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China Evergrande to buy Ying Li project in Chongqing, China, for 3.29B yuan

Ying Li International Real Estate Ltd. entered into a sale and purchase agreement with a China Evergrande Group unit to sell the Ying Li International Commercial Centre project in Chongqing, China, for 3.29 billion yuan in cash.

The company will carry out the sale through the divestment of its entire equity interest in Shiny Profit Enterprises Ltd. to Shengyu (BVI) Ltd. Shiny Profit wholly owns the owner of the development land, Chongqing Yingli Shiny Profit Real Estate Co. Ltd.

Under the deal, Shengyu will also pay the outstanding loans extended by Ying Li to Shiny Profit and Chongqing Yingli, and Ying Li will incur about 520 million yuan for the completion of the land parcel's purchase. Shengyu will also assume the existing liabilities of Shiny Profit and Chongqing Yingli in the aggregate amount of roughly 898 million yuan.

The Ying Li International Commercial Centre comprises two office towers and a six-story retail mall. It is located in the Chongqing core central business district of Jiefangbei.

As of Nov. 27, US$1 was equivalent to 6.60 yuan.