Business
Country Garden Affiliate Offloads Stake in China’s Largest Mall Operator, Zhuhai Wanda, Raising US$447 Million
An associate of Country Garden has sold its shares in the biggest mall operator in China for a whopping US$447 million. The shares, approximately 108 million in Zhuhai Wanda, will be purchased by Dalian Wanda and a connected entity, Zhuhai Wanying.
Businesswoman Yang Huiyan has control over Country Garden and CGS.
In the last month of the year, Country Garden disposed of a 1.79% share in the identical firm to the same individuals for 3.07 billion yuan. After the most recent transaction, CGS will continue to possess approximately 22.11 million shares, equating to a 0.31% stake, in Zhuhai Wanda.
The earnings from the sale will be utilized for "routine operational expenses and other objectives sanctioned by the board," stated CGS on Wednesday.
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