Greentown China Holdings' (HKG:3900) subsidiary Greentown Real Estate Group agreed to dispose of the entire issued share capital of Hangzhou Chengling Lvlong Enterprise Management to Ningbo Global Real Estate for 482.3 million yuan, a Tuesday Hong Kong bourse filing said.
The transaction also includes the assignment of all obligations of an operating property loan owed by the target company, an outstanding bank loan of 785 million yuan, to the target company and the purchaser.
The target company owns 111 real estate properties, 322 underground parking spaces, and the related facilities and equipment in Building 2, Binlv Building, No. 66 Hushu South Road, Gongshu District, Hangzhou City, Zhejiang.
The company stands to make a net loss of 5.65 million yuan from the disposal.
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