China Vanke (HKG:2202, SHE:000002) has agreed to sell 49% equity interest in Shenzhen Metro Vanke Investment Development to substantial shareholder Shenzhen Metro Group for 58.2 million yuan, a Monday bourse filing said.
As a result, the real estate company will also transfer 49% of the future investment income rights of the real estate project Mangrove Bay project, which the target company was handling, for a little over 1.29 billion yuan.
Shenzhen Metro Group already owns a 51% equity stake in Shenzhen Metro Vanke Investment Development.
The stake disposal came about in order for the company to optimize its cash flow position, recover funds in advance, and optimize the investment amount in commercial properties.
An agreement for the target company to provide management services to Shenzhen Kezhu, a unit of China Vanke, will also be terminated following the disposal. Shenzhen Metro Group has, however, entrusted Shenzhen Kezhu with the right to sell certain unsold properties under the Mangrove Bay project.
It was also agreed that certain outstanding fees related to the project owed to China Vanke and units Shenzhen Kezhu Construction and Management and Shenzhen Vanke Development, as well as those owed to Shenzhen Metro Group and the target will be offset against each other.
China Vanke will also withdraw from the consortium formed by China Construction First Group.
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