September 5, 2012 / 11:46 PM / 5 years ago

Chinese Estates says to sell China project for $500 mln

HONG KONG, Sept 6 (Reuters) - Chinese Estates Holdings Ltd said on Thursday it had agreed to sell its stake in a China property development project for $500 million, in a bid to increase its cash reserves given a challenging macroeconomic environment.

The Hong Kong-listed property developer has agreed to sell its 49 percent stake in Grandday Group Ltd, a joint venture that is involved in a residential, business and resort complex development project in Qidong City in China’s Jiangsu province, the firm said in a filing to the Hong Kong bourse.

Evergrande Real Estate Group Ltd indirectly holds a 51 percent stake in Grandday.

For a statement click on: here (Reporting by Donny Kwok; Editing by Edwina Gibbs)

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