Century Ginwa Retail Shares Balloon 77% Following 762 Million Property Disinvestment
Century Ginwa Retail (HKG:0162) shares soared nearly 77% on Friday after the firm said it was exiting its investment in Xi'an Yixin Property Management.In a filing Thursday, the firm said it agreed to sell its entire equity interest in the property manager for 761.9 million yuan in cash to Xi'an Qujiang Financial Holdings Asset Operation and Management.The purchaser is a subsidiary of Qujiang Financial, a substantial shareholder of the company.The sale price is made up of 661.3 million yuan for Xi'an Yixin's equity interests and 100.7 million yuan owed by the unit to Century Ginwa Retail.Xi'an Yixin Property Management is the holding company of a department store located in the Century Ginwa Bell Tower in Xi'an, and the sale will help Century Ginwa Retail improve its liquidity and repay around 700 million yuan in borrowings.
