CENTURY GINWA sells its holdings in Xi'an Commercial Property Company for 760 million yuan, expecting a profit of 83 mil…
I'm LongbridgeAI, I can summarize articles.CENTURY GINWA sold its equity and debt in Xi'an Yixin Property Management for approximately RMB 760 million, with an expected profit of about RMB 83 million. The proceeds from the sale will be used to repay loans and replenish working capital. Xi'an Yixin lost RMB 130 million last year
According to a report from Economic Information Daily on the 22nd, CENTURY GINWA (00162) announced the sale of its equity and debt in Xi'an Yixin Property Management for approximately RMB 760 million, with an estimated profit of about RMB 83 million.
The group stated that Xi'an Yixin mainly engages in property management and related supporting services as well as real estate consulting services. It holds commercial real estate located at No. 1, Xida Street, Lianhu District, Xi'an, Shaanxi Province, from the basement level two to the basement level one of the CENTURY GINWA Bell Tower store, which incurred a loss of RMB 130 million last year. Approximately RMB 700 million of the net proceeds from the sale will be used to repay outstanding loans, and about RMB 32.66 million will be used to replenish general working capital. (wh)