Central China Real Estate Ltd., through its Henan Longyu Real Estate Development Co. Ltd. and Henan Central China Construction Materials Commerce and Trading Co. Ltd. subsidiaries, is selling a 30% stake in the company that oversees the development of an integrated project in Zhengzhou, China, for a total consideration of 815.0 million yuan.

The agreement with Bridge Trust Co. Ltd. will involve the transfer of Henan Longyu's 30% equity interest in Zhengzhou Jianze Property Co. Ltd., the project company for the roughly 40,000-square-meter development. Part of the total consideration is an 800.0 million-yuan loan that the target company owes to Henan Central China.

Upon the transaction's completion, Zhengzhou Jianze and the development will be 70%-indirectly owned by Central China through Henan Longyu and 30% by Bridge Trust, according to a filing.

Central China added that it will use proceeds from the divestment for other development projects of the group.

As of May 24, US$1 was equivalent to 6.90 yuan.