November 30, 2016 / 1:15 AM / in a year

Evergrande's Calxon sells development project to Sunac for $530 mln

HONG KONG, Nov 30 (Reuters) - China Evergrande Group said on Wednesday a unit would sell a residential and commercial development project in Qingdao City to Sunac China Holdings Ltd for 3.66 billion yuan ($530 million).

China Evergrande’s majority-owned Calxon Group will sell the Qingdao Shidai City development project with a site area of 1.07 million square metres to a unit of Sunac.

A gain of 2.79 billion yuan is expected to be generated from the sale which Calxon will use as working capital and to enhance its capital reserve and cash flows, Evergrande said in a statement. ($1 = 6.8933 Chinese yuan) (Reporting by Donny Kwok; Editing by Edwina Gibbs)

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