Mario Bautista
Country Garden Services (6098), the property services arm of Chinese property developer Country Garden (2007), said yesterday that it agreed to sell its 1.49 percent stake in Zhuhai Wanda Commercial Management for 3.14 billion yuan (HK$3.48 billion).
The sale allows the company to streamline its investments, recover capital, and refocus on its core business operations as part of its planned exit strategy, it said.
However, the net profits amounted to only 461 million yuan, after deducting the initial investment cost on the shares recognized by the property management unit which was about 2.69 billion yuan.
Country Garden is undergoing an offshore debt restructuring after defaulting on its US$11 billion (HK$85.65 billion) offshore bonds last year. The beleaguered company also reported a drop of more than 38 percent in its first-half profit for 2024.
Reuters and staff reporter
