GuocoLand disposes Chinese subsidiary for $119m

It finished selling all the units in a Tianjin residential development.

GuocoLand Limited (GuocoLand) will dispose of its indirectly wholly-owned subsidiary Tianjin Zhongxin Mingshi Real Estate Development Co., Ltd (TJZX) for $119m.

According to an announcement, TJZX will stop being a subsidiary once its deal with GuoSon Investment Company Limited (GICL) and Tianjin Hua Xia Jin Hui Investment Company Limited (HXJH) is completed.

TJZX, which principal activity was that of a property developer, had completed and sold all the units in its residential development project in Tianjin, the People’s Republic of China.

The transaction will allow GICL to exit from TJZX, instead of placing it through a voluntary liquidation.