China Jinmao Holdings Group (HKG:0817) plans to dispose of Jin Mao Sanya, the developer and operator of the Hilton Sanya Yalong Bay Resort and Spa.
The sale will be conducted through a public tender at the China Beijing Equity Exchange.
The minimum consideration for the disposal is estimated at 1.85 billion yuan, according to a Tuesday filing with the Hong Kong Exchange.
The proposal is subject to shareholders' approval at an upcoming extraordinary general meeting.
The real estate developer intends to use the proceeds for investments and working capital.
The company's shares closed over 8% higher on Wednesday.
Price (HKD): $1.15, Change: $+0.090, Percent Change: +8.49%
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