Sino Land Unit to Sell Major Stake in China Property Project

By Chester YungFeaturesDow Jones Newswires

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).

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)