Chinese property company Shui On Land Ltd. is reportedly selling a project in Shanghai for CNY3.32 billion (USD545 million). This is the second asset sale by the developer in a week. According to a report by Bloomberg, Shui On will sell its entire stake in the company that owns the Taipingqiao project in Shanghai's Huangpu district. It will be sold to China Life Insurance Group Co., based on Shui On's statement filed with the Hong Kong Stock Exchange.
China Life Insurance Group is the parent company of the country's largest insurance company China Life Insurance Co., the report said.
Bloomberg said Shui On on November 29 sold office premises and car park spaces in a project in the western Chinese city of Chongqing for CNY2.4 billion. The report also added that Shui On has been selling assets and is considering a spin-off of its Xintiandi unit as the company seeks to repay debt and improve its cash position.
Xintiandi is an affluent entertainment complex in Shanghai. American private equity firm Brookfield Property Partners last month invested USD500 million in the property, Bloomberg said.
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