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Central China Real Estate units sell 30% stake in China project for 815M yuan

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Central China Real Estate units sell 30% stake in China project for 815M yuan

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.