-- China Chengtong Development (HKG:0217) said its Chengtong Financial Leasing unit entered into a sale and leaseback arrangement with a unit of China Huadian, according to a Monday Hong Kong bourse filing.
Shares of the property developer fell 4% in morning trade on Tuesday.
Under the arrangement, Chengtong Financial Leasing will purchase certain photovoltaic equipment and related assets for 120 million yuan and lease them back for two years for about 124.6 million yuan.
The transaction is expected to generate lease interest income of about 4.6 million yuan for the unit.