China Jinmao Holdings Group (HKG:0817) plans to dispose of 100% of the equity interest of its subsidiary Jin Mao Sanya and the Hainan Jin Mao's claims against Sanya for a balance sum of about 58.5 million yuan in outstanding principal and accrued interest, by way of public tender and transfer at the China Beijing Equity Exchange, a Tuesday Hong Kong bourse filing said.
The successful bidder will also enter a property transfer agreement with the sellers for the transfer of the Hilton Sanya Resort and Spa's ownership.
The company expects to make a gain of 1.37 billion yuan from the disposal, including the minimum consideration for the disposal of 1.85 billion yuan and 399 million yuan for the 100% equity interest in Sanya.
The real estate developer plans to use the proceeds for future investments and for its general 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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