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China Merchants Property sells assets for $236 mln

SHANGHAI
Wed Dec 3, 2008 3:07am EST

SHANGHAI (Reuters) - China Merchants Property Development Co 000024.SZ200024.SZ said on Wednesday that it had sold all the assets in a subsidiary to a Singapore fund management firm for 1.63 billion yuan ($236 million).

The mid-sized property developer said one of its units signed an agreement on Monday to sell all the equity in Nanjing Fucheng Real Estate Co to an arm of ARA Managers (Asia Dragon) Pte Ltd, a Singapore-based fund management firm, which focuses on the property sector.

Nanjing Fucheng Real Estate Co is a real estate developer, which is the owner of an office building located in Nanjing, the capital city of Jiangsu Province in eastern China.

($1=6.878 Yuan)

(Reporting by Alfred Cang, Editing by Jacqueline Wong)


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