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Shenzhen Investment Unit to Settle Part of Shareholder Loan via Property Transfer

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-- Shenzhen Investment's (HKG:0604) non-wholly owned subsidiary agreed to transfer office properties worth about 30.4 million yuan to offset part of its shareholder loan owed to controlling shareholder Shum Yip Group, according to a Wednesday Hong Kong bourse filing.

Shares of the property developer rose nearly 1% in Thursday morning trade.

The unit, Shenye Wansheng, will transfer 57 office units in Zhongshan to Zhongshan Wanye under the debt offset arrangement.

Shum Yip Group indirectly holds about 63.2% of Shenzhen Investment, the filing said.

Shenzhen Investment said the arrangement is expected to generate a gross profit of about 2.3 million yuan and reduce Shenye Wansheng's shareholder debt burden.

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