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Agile Group to Sell Stake in JV Firm

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Agile Group (HKG:3383) said it agreed to sell its 50% stake in a joint-venture project company to its partner, according to a Hong Kong bourse filing Wednesday.

Shares of the property developer fell over 1% in morning trade Thursday.

The firm is selling its stake in Zhejiang Xiangya Real Estate Development to China Real Estate Development Group Nantong for 95 million yuan.

The payment will be settled by the transfer of 30 unsold properties in the Huzhou No. 1 commercial and residential project developed by Xiangya Real Estate in China.

Agile Group said it expects to record an estimated loss of 267.5 million yuan on the sale.

The firm said it was disposing its stake in the venture after failing to reach a consensus with China Real Estate Development on the timing and pricing strategy for the sale of residual properties in the Huzhou No. 1 project.

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