The Shanghai-based developer said it sold the stake in the Wuhan Shamao Splendid River development in China's central Hubei province. The project, which is expected to be completed by 2011, has residential, hotel and office spaces.

Shimao Property said it expects to book a disposal gain of CNY740 million from the sale.

The developer, controlled by businessman Hui Wing-mau, raised HK$3.72 billion in its Hong Kong initial public offering in July last year. It has commercial and residential properties in first-tier mainland cities like Beijing, Shanghai, Hangzhou and Shenyang.

Morgan Stanley Real Estate Fund owns a 5% stake in Shimao Property.

Source:佚名