Intime Department Store (Group) (Intime) (HKG:1833) has agreed to sell Cixi Intime Development to Intime Department Store (Ningbo Yinzhou) Co., Ltd. (Ningbo Mingji) for RMB200 million. Intime expects to realize a gain of RMB330 million from the disposal and the proceeds will be used as Intime's general working capital.

Intime said that the disposal of Cixi Intime Development materializes Intime's pre-determined strategy of disposing the non-department store related project development in the Cixi Project. Through the above stake disposal, Intime will no longer be subject to the uncertainties and risks associated with the residential property element in the Cixi Project, while securing and realizing the cashflow and profit associated with it. After the disposal of Cixi Intime Development, Intime still owns the development store property portion of the Cixi Project, namely the Cixi Intime City mall.