BRIEF: Yuexiu Property to sell Guangzhou project at 1.1 billion yuan base price
Real estate developer Yuexiu Property Co. Ltd. (0123.HK) announced on Friday that it will sell its entire interest in its Guangzhou Grandcity Development through a public tender. The company’s main interests in the project include office space and car parks at the Guangzhou International Commercial Center in Guangzhou’s Tianhe District.
In the first eight months of this year, Guangzhou Grandcity recorded revenue of 261 million yuan ($37 million) and a net profit of 42.16 million yuan. Yuexiu said the sale will help expedite the turnover of its commercial properties and further optimize its cash flow. The base price for the tender is 1.092 billion yuan, and proceeds will be used for investment in the company’s core businesses.
By Lau Chi Hang
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