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EVERGRANDE Sells 30% Stake in SH Project at Loss to Cash in RMB660M
$EVERGRANDE (03333.HK)$ announced that to sell a 30% stake in a Shanghai North Bund Project, which is planned to be a commercial and residential complex, to China Everbright Xinglong Trust Co., Ltd., for a cash consideration of RMB663 million.
It is expected that the Group will record a loss of approximately RMB55 million from the Disposal. The cash proceeds from the Disposal will be used by the Group to secure delivery of properties.
It is expected that the Group will record a loss of approximately RMB55 million from the Disposal. The cash proceeds from the Disposal will be used by the Group to secure delivery of properties.
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