Dec. 30, 2009 (China Knowledge) - Shanghai Forte Land Co Ltd has announced that it will sell its 75% stake in a Tianjin subsidiary to HNA Group for RMB 2 billion, thus earning a profit of RMB 700 million, sources reported.
The Tianjin subsidiary's main asset is a mixed-use property project located in Heping District of the city. It cost the Hong Kong-listed firm RMB 510 million in 2005. The project, which has a total floor area of 151,900 square meters, comprises apartments, a Raffles Hotel and an office building.
This is the second property deal Shanghai Forte Land has inked this year. In June, a Beijing subsidiary of the enterprise sold a mixed-use property project located in Chaoyang District of the city to two local investment firms for RMB 455 million. The project has a floor area of 22,528 sq m.
