Shanghai Jin Jiang International Hotels (Group) Company (HKG:2006) announced that it has disposed of an aggregate of 9.7 million A shares in AVIC Real Estate Company Limited, representing approximately 1.45% of the total issued share capital of AVIC Real Estate. Subsequent to such disposal, holdings of A share in AVIC Real Estate by Shanghai Jin Jiang dropped from 5.91% to 4.46%.

It is expected that Shanghai Jin Jiang will receive investment income after income tax attributable to shareholders of approximately RMB30.87 million from such disposal of AVIC Real Estate Interest. The shares in AVIC Real Estate held by Shanghai Jin Jiang do not belong to one of the core operations of Shanghai Jin Jiang. The disposal of the shares in AVIC Real Estate is in line with the strategy and financial management needs of Shanghai Jin Jiang. Shanghai Jin Jiang currently plans to utilize proceeds from the disposal as its general working capital.

Source:chinesestock.org