CREO sells 50pc stake in bay d
CHINA Real Estate Opportunities has made E38.5m from the sale of its stake in the brochure printing Tangdao Bay development.
The Irish property firm has sold its 50pc interest in the joint venture to its project partner, SIIC Shanghai Holdings Company.
The sale price was based on a property value of RMB1.389bn, representing a 10.9pc premium to the most recent independent valuation last June.
postcard printingNet cash proceeds from the transaction amount to e38.3m, with no borrowings to be repaid from the sale proceeds.
The sum will be received after the completion of standard regulatory procedures for the offshore repatriation of proceeds of domestic asset sales.
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