New | Ping An to sell its stake in a Beijing site for 985.5m yuan

Ping An Trust, a subsidiary of Ping An Insurance group, has agreed to sell its 49 per cent stake in a residential site in Beijing to China Jinmao Holdings group for 985.5 million yuan (HK$1.18 billion).

China Jinmao, the real estate arm of Sinochem group, will own 100 per cent of the site after the completion of the transaction, China Jinmao said in a filing to the Hong Kong stock exchange on Monday.

China Jinmao is principally engaged in the development, sale, leasing and management of commercial and residential properties and hotel operations.

The 134,858 square metre site, could yield a total gross floor area of 414,782 sq metres.

Through its wholly owned Xingmao Properties, China Jinmao acquired the Beijing site in January 2013. In December, 2013, Ping An Trust paid 900 million yuan for its 49 per cent stake.