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First Shanghai unit to sell 50% stake in Chinese property development JV

A unit of Hong Kong-based First Shanghai Investments Ltd. agreed on Aug. 26 to sell its 50% stake in Shanghai Zhangjiang Property Development Co. Ltd. for up to 200 million Chinese yuan.

The unit, Leader Capital Investments Ltd., will divest its entire half stake in the Chinese property development joint venture to its partner, Shanghai Zhangjiang (Group) Co. Ltd.

The transaction is subject to conditions such as the approval of relevant authorities, a planning permission for the proposed redevelopment of the Shanghai Zhangjiang plot in China and the repayment of outstanding loans worth roughly 8.12 million yuan to First Shanghai by Leader Capital.

The sale is expected to be finalized within five business days after the conditions have been fulfilled.

As of Aug. 26, US$1 was equivalent to 7.15 Chinese yuan.