Shui On Land Ltd.'s Shui On Development (Holding) Ltd. agreed to sell a 79.2% interest in a property developer in Chongqing, China, to a China Vanke Co. Ltd. subsidiary for 4.13 billion yuan, subject to adjustment upon completion.

The project company, Chongqing Shui On Tiandi Real Estate Development Co. Ltd., is developing the Chongqing Tiandi project. Its approximately 5.22 billion-yuan portfolio is composed of 870,821 square meters of undeveloped land and an under-development project with 388,420 square meters of gross floor area.

Shui On said the sale is part of its asset-light strategy, and it plans to use the net proceeds of about 3.92 billion yuan from the transaction to repay debt with near-term maturity and to fund general working capital.

As of May 26, US$1 was equivalent to 6.86 Chinese yuan.