Country Garden Services (HKG:6098), through subsidiary Country Garden Property Services HK Holdings, has agreed to sell a 1.49% stake in Zhuhai Wanda Commercial Management Group for 3.14 billion yuan, a Wednesday filing with the Hong Kong Exchange said.
Following the sale of Country Garden Property's 107.9 million shares in Wanda Commercial, it still holds 22.1 million shares, accounting for a 0.31% stake.
The Country Garden Services unit expects to realize an annual cash return of 8% after tax on the initial purchase price. The company plans to use the proceeds for its general working capital, among others.
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