The Chinese shipbuilder has disposed of its entire equity interests in Taizhou Hengjian Real Estate, Changzhou Green Field Quint Real Estate (CGF), together with CGF’s wholly-owned Changzhou Green Field Chanson Real Estate.
Singapore-listed Yangzijiang said the restructuring is in line with its strategy of redirecting attention from the non-core businesses into the core shipbuilding and its related businesses.
Yangzijiang has offloaded 55% stake in Taizhou Hengjian and 40.25% stakes in CGF and its subsidiary to pocket RMB55m ($9m) and RMB48.3m respectively.
Yangzijiang has also sold its entire 30% stake in Shanghai Jiaxuan Hotel Management for RMB60m.
Meanwhile, the shipbuilder, through its subsidiary Jiangsu New Yangzi Shipbuilding, has subscribed to 24.375% and 29.1545% equity interests in Shanghai Chengding Yangzi Equity Investment Fund Management Partnership Enterprise and Shanghai Chengding Yangzi Investment Partnership Enterprise for RMB2.925m and RMB300m, respectively.
Yangzijiang said the equity venture capital investment fund aims to “generate capital gains from investment in state-owned enterprise reform, environmental protection, national defense, and other areas such as urbanisation.”
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