CHINA JINMAO (00817) Subsidiary Plans to Sell 100% Equity in Jinmao (Sanya) Tourism Co. with Base Price of RMB2.2646 Billion

Stock News11-21

CHINA JINMAO (00817) announced that its wholly-owned subsidiary, Shanghai Jinmao Investment Management Group Co., Ltd., intends to sell its 100% equity stake in Jinmao (Sanya) Tourism Co. (the target company) for asset securitization purposes. The proposed sale has been listed for public bidding on the Beijing Property Rights Exchange with a base price of RMB2.2646 billion. The target company primarily owns The Ritz-Carlton Sanya Yalong Bay, a five-star hotel that opened in 2008, featuring 446 guest rooms and suites.

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