Chinese logistics and commercial developer China South City Holdings Limited said it had agreed to sell a nearly 70% shareholding in a business that holds its projects in the central city of Xian to a state-owned shareholder for 5 billion yuan ($717 million).
The developer said in a filing it is expected to record a gain of HK$8 million ($1.03 million) from the sale, and the proceeds will be used by the business – China South City Xi’an – for working capital and repayment of 2.86 billion yuan of shareholders’ loans it provided.
