Zhejiang Guangsha has divested itself of
its 95% interest in Guangsha Nanjing Real Estate Development, reports National Business Daily. The sale, worth
a total of 193 million yuan (US$23.8 million), was made to three separate
companies; Shanghai Lotof Network Information paid 90 million yuan for a 45%
stake, Nanjing Sun Investment paid 45 million yuan for 22%, and Hangxin Real
Estate Development of Hangzhou paid 58 million yuan for 28%. Zhejiang Guangsha,
the listed subsidiary of the Guangsha Group, China's
largest private construction enterprise, is heavily invested in real estate in Hangzhou, Shanghai, Nanjing, and Chongqing.
This sale will finance developments that have stalled since an 8 billion yuan
investment deal in Hangzhou
went bad in 2003. Zhejiang Guangsha may also be attempting to better its books
before the end of the year; its 95% stake in Guangsha Nanjing was valued at
just 100 million at the end of July, so this sale shows a better than 90
million yuan return on that investment.
Zhejiang Guangsha: 600052.SH
Link:
http://www.nbd.com.cn/admin/module/news/newsFile/20051129232733.htm