Guangxi Wuzhou Zhongheng Group (600252), a company involved in the pharmaceutical and real estate industries, plans to sell a 100 percent interest in Guangxi Wuzhou Zhongheng Real Estate Development to controlling shareholder, Guangxi Zhongheng Industrial, for 546 million yuan, reports stcn.com, citing a company filing.
The move is intended to avoid risks from the real estate market and will generate investment returns of 200 million yuan.
According to the filing, the subsidiary currently does not generate any revenue.