A unit of Sino-Ocean Group (HKG:3377) agreed to sell a 23% equity stake in Beijing Shengyong Property Development and Investment to Rizhao Steel for around 322.3 million yuan, an April 11 filing with the Hong Kong bourse said.
The firm will use net proceeds, which are estimated to be around 86.9 million yuan, to maintain basic working capital.
Following completion, buyer Beijing Yin Gang Real Estate Development will own a 12% stake in investment property development firm Beijing Shengyong Property Development and Investment.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.