EVERGRANDE Sells 30% Stake in SH Project at Loss to Cash in RMB660M

$EVERGRANDE(03333.HK)$ announced that to sell a 30% stake in a Shanghai North Bund Project, which is planned to be a commercial and residential complex, to China Everbright Xinglong Trust Co., Ltd., for a cash consideration of RMB663 million.

It is expected that the Group will record a loss of approximately RMB55 million from the Disposal. The cash proceeds from the Disposal will be used by the Group to secure delivery of properties.