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Lenovo sells property asset to Sunac subsidiary for 1.6bn yuan
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Lenovo Group, the world’s largest personal computer supplier, is selling its stake in a mainland property developer to a subsidiary of real estate giant Sunac China Holdings for 1.6 billion yuan (US$232 million).
It marks Lenovo’s latest property divestment after selling two of its office buildings in Beijing in the six months to September, when it booked total gains worth US$335 million.
The disposal also followed Lenovo parent Legend Holdings’ exit from the real estate development business in September, when it sold 42 property projects spread across 16 mainland cities to Sunac for 13.8 billion yuan.
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In a filing to the Hong Kong stock exchange on Thursday, Lenovo chairman and chief executive Yang Yuanqing said the company will dispose of its 49 per cent equity interest in Chengdu Lian Chuang Rong Jin Investment to Beijing Sunac Raycom Real Estate Company.
Yang said about 264 million yuan in undistributed profits of Lian Chuang Rong Jin as of December 31 will be issued to Lenovo prior to the completion of the sale.
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The principal development projects being undertaken by Lian Chuang Rong Jin are Hefei Raycom City in Anhui province and Wuhan Raycom Celestial Heights in Hubei province.
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