E-HOUSE ENT's subsidiary plans to sell Bay Residence for 384 million yuan
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E-HOUSE ENT announced that its wholly-owned subsidiary Shanghai Bay Residence will sell the Bay Residence property located in Shanghai for RMB 384 million. The net proceeds from the sale will be RMB 365 million, which will be used to repay upcoming loans. Although the sale will result in a loss, the company believes that this move is in the best interest of itself and its shareholders to meet imminent debt obligations
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