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Yida China's subsidiary to sell China residential project for 870M yuan

Yida China Holdings Ltd.'s 43.79%-owned subsidiary agreed to sell the second phase of the residential development of a high-tech park in Wuhan, China, for 870.0 million yuan.

Yida China's Wuhan New Software Park Development Co. Ltd. subsidiary is selling its entire shareholding in Wuhan Springfield Real Estate Development Co. Ltd. to to Wuhan Hecheng Wenlv Development Co. Ltd.

The residential development, situated in the Wuhan Software New Town development, has a total site area of 107,656.98 square meters and an estimated total gross floor area of approximately 171,766.28 square meters.

Yida China noted in an Oct. 24 filing that it expects a gain before tax of about 336 million yuan from the sale. It added that it plans to use the amount as general working capital and to repay its borrowings.

As of Oct. 24, US$1 was equivalent to 7.07 Chinese yuan.