Property developer Sino Land Co. Ltd. (0083.HK) said Thursday its unit Sinoland China Investment Holdings Ltd. agreed to sell an 80% stake in its subsidiary, which owns a project in Chengdu known as The Palazzo, for 8.77 billion yuan (US$1.34 billion).
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The Hong Kong-listed developer said it expected to book a gain of 6.45 billion Hong Kong dollars (US$824 million) from the disposal and that it will use the net proceeds for working capital, the firm said.
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September 07, 2017 06:51 ET (10:51 GMT)