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Shanghai Lujiazui to sell 51% stake in Shanghai property company

Shanghai Lujiazui Fin & Trade is selling its remaining 51% stake in a Shanghai-based real estate company at a share transfer price that will not dip lower than the level established by Shanghai's Pudong Assets Appraisal Work Management Center.

The government appraisal body assessed the 51% interest to be worth 1.33 billion yuan, according to a release.

After the remaining 51% stake is sold, Shanghai Lujiazui will no longer hold any shares in the real estate company, which was established in December 1995. This latest sale effort comes after the company disposed of a 49% stake in the target company to a life insurance agency in 2016.

The target company holds a portion of the floors in the 29-story, 55,674.75-square-meter Standard Chartered Tower in Shanghai's Pudong district, amounting to a total construction area of 48,056.16 square meters.

As of Oct. 12, US$1 was equivalent to 6.59 yuan.