Yuexiu Property's (HKG:0123) subsidiary, Guangzhou Bai Cheng Investment Development, agreed to sell back two land parcels in Haizhu District, Guangzhou to Guangzhou City Land Development Centre for 1.53 billion yuan, a Thursday Hong Kong bourse filing said.
The land parcels with a total site area of 15,491 square meters are situated at Daganwei, Industrial Avenue South, Haizhu District, Guangzhou. The sites are being repossessed under the Daganwei Land Repossession and Reservation Agreement.
The real estate company plans to use the proceeds from the transaction for working capital of the group.
Shares of the company were down nearly 2% in recent trade.
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