Raffles Education's (SGX:NR7) unit, Langfang Tonghui Education Consulting, has entered into a sale and purchase agreement to dispose of a property that includes the land use rights of a land and a commercial building located in Hebei, China, to Langfang Fangzhi Education Consulting.

The buyer has agreed to acquire the property and the subsisting tenancies until the expiry of tenancies, according to a filing with the Singapore Exchange on Monday.

The transfer price of the property is 7.5 million yuan with the buyer to make the first payment of 5 million yuan to the seller before Jan. 5 and the remaining amount of 2.5 million yuan to be paid on the date of transfer of the land use right certificate.

The property includes a land are of around 2,805.9 square meters and a temporary commercial building with a built-up area of 6,336 square meters located in the Oriental University City.

Raffles Education's shares were up nearly 3% in recent trading.