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China Evergrande, Shenzhen Investment extend 60B-yuan deal's exclusivity period

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China Evergrande, Shenzhen Investment extend 60B-yuan deal's exclusivity period

China Evergrande Group and Shenzhen Investment Holdings Co. Ltd. agreed to further extend the exclusivity period for their 60 billion-yuan cooperation agreement to Dec. 31 from March 31.

The parties involved made the extension through a supplemental agreement signed March 13, according to a filing.

The cooperation deal signed October 2016 involves the transfer of a controlling stake in Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. to China Evergrande's Guangzhou Kailong Real Estate Co. Ltd. subsidiary through the sale of Hengda Real Estate Group Co. Ltd.

Completion of the stake transaction is expected to pave the way for Hengda Real Estate's eventual listing on the Shenzhen stock exchange.

As of March 13, US$1 was equivalent to 6.71 yuan.