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Shui On Land completes sale of stake in Shanghai property portfolio

Shui On Land Ltd. completed the sale of a 49.5% stake in a portfolio of Shanghai properties to a limited partnership managed by China Life Capital Investment Co. Ltd. on Dec. 27.

The deal, worth nearly 3.87 billion yuan, involved the disposal by Shui On Land subsidiary Hollyfield Holdings Ltd. of a 21.4% stake in Shanghai Rui Hong Xin Cheng Co. Ltd. to the China Life Insurance (Group) Co.-affiliated fund.

The portfolio, which comprises assets and undeveloped land plots in the Rui Hong Xin Cheng project, is now held 49.5% each by Hollyfield Holdings and the China Life fund, with the remaining 1% owned by Shanghai Hongfang (Group) Co. Ltd.

As of Dec. 27, US$1 was equivalent to 6.56 yuan.