-- 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.