June 2 -- Beijing Wangfujing Department Store (Group) (600859) plans to sell its real estate subsidiary, Beijing Hongye Real Estate Development, for 246,700 yuan, reports The Beijing News.

Hongye is wholly-owned by Wangfujing and currently has no developments.

Vice president Dong Jiasheng said the China Securities Regulatory Commission restricts financing for listed companies which own real estate businesses.

The company therefore had to sell the subsidiary in order to obtain approval for further fundraising.