Chinese Estates Holdings is restructuring its mainland property developments with joint-venture partner China Poly Group in a bid to streamline operations.
Asian Win Realty Holdings, which is jointly owned by Chinese Estates and China Poly, has agreed to transfer two property assets in Haikou and Tianjin, and their related loans, to Chinese Estates.
Chinese Estates would then sell its 60 per cent stake in Asian Win to Ringo Trading, a wholly owned subsidiary of China Poly.
Chinese Estates and China Poly have co-owned Asian Win, which is mainly involved in property development in the mainland, for nine years.
Chinese Estates holds 60 per cent of Asian Win and China Poly owns the remaining 40 per cent through Ringo Trading.
A net consideration of HK$25.28 million is payable by Ringo Trading to Chinese Estates under the asset restructuring agreement.
China Poly would be entitled to two residential projects - Hua Bao Garden in Shanghai and Asian Villas in Fuzhou - through Asian Win, which was set to become its wholly owned company after the reorganisation.
