Staff Reporter
,
Hong Kong
Photo from Shutterstock
The sale will leave Country Garden a 0.31% stake in Zhuhai Wanda.
Country Garden Services (CGS) sold a 1.4% stake or 108 million shares in Zhuhai Wanda for $3.4b (RMB3.14b).
The stake will be acquired by Dalian Wanda and Zhuhai Wanying. The transaction will be payable in cash within 10 working days from 27 September.
Following this transaction, CGS will still hold 22.1 million shares or a 0.31% stake in Zhuhai Wanda.
The sale will enable the company to recover capital, optimise investments, and focus on its core business operations as part of its exit strategy.
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