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Radiance Sells Hotel Unit for 1.3 Billion Yuan Debt Assumption

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Radiance Holdings (Group) Company (HKG:9993) agreed to sell its entire stake in Beijing Jinhui Chuangling to Beijing Minyue Management Consulting for a total consideration of 1.30 billion yuan, according to a Monday Hong Kong bourse filing.

The consideration comprises 1 yuan in cash and the purchaser's assumption of about 1.30 billion yuan of debt. The target company, which operates hotel and catering businesses, will cease to be a subsidiary upon completion.

Radiance said the disposal will help address bank loan and other outstanding debts and payables of the target company.

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