Build King Holdings (HKG:0240) plans to slash its equity interests in an urban renewal project in Shenzhen from 50% to 10% to reduce its exposure, citing slower-than-expected progress of the project amid contraction in China's property market.

This will be carried out by exercising a loan redemption right, which would see Road King Infrastructure's (HKG:1098) subsidiary Shine Precious paying HK$400 million to Wise Start Global, a subsidiary of Build King, according to a Jan. 24 bourse filing.