Country Garden Services, the property services arm of Chinese property developer Country Garden, said on Wednesday it agreed to sell its 1.49 per cent stake in Zhuhai Wanda Commercial Management for 3.14 billion yuan ($446.54 million).
The sale allows the company to streamline its investments, recover capital, and refocus on its core business operations as part of its planned exit strategy, it said.
Once a top developer by sales, Country Garden is undergoing an offshore debt restructuring after defaulting on its $11 billion offshore bonds last year.
The beleaguered company also reported a drop of more than 38 per cent in its first-half profit for 2024.
($1 = 7.0318 Chinese yuan renminbi) (This story has been refiled to correct a typographical error, in paragraph 4)
