CapitalVue - High-end auto distributor Pangda Automobile Trade (601258) plans to sell a property management company to Jidong Material Trading for 175 million yuan, reports yicai.com, citing a company filing.

The transaction involves the transfer of 22 properties with defects in Beijing and Shaanxi province.

Pangda Automobile Trade will rent the properties after it has been transferred to Jidong Material Trading at a cost of 10.08 million yuan. The rental fee will increase at a rate of 10 percent per year.

Jidong Material Trading has a registered capital of 458 million yuan.