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Stake sale
Source: Bloomberg News |
May 17, 2011, Tuesday
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Print Edition
Print Edition
EVERGRANDE Real Estate Group Ltd said it agreed to sell a 49 percent stake in its Grandday unit to Chinese Estates Holdings Ltd for US$500 million.
Evergrande, which will indirectly retain a 51 percent holding in Grandday, will use the proceeds for general working capital, it said in a statement to the Hong Kong stock exchange yesterday.
Grandday is an investment holding company that owns a 1.335 million-square-meter site in Qidong in eastern China's Jiangsu Province, according to the statement.
Evergrande, which will indirectly retain a 51 percent holding in Grandday, will use the proceeds for general working capital, it said in a statement to the Hong Kong stock exchange yesterday.
Grandday is an investment holding company that owns a 1.335 million-square-meter site in Qidong in eastern China's Jiangsu Province, according to the statement.
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