CCCG Real Estate (SHE:000736) plans to sell real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group, in a cash transaction, according to a Wednesday filing with the Shenzhen Stock Exchange.
The deal, a major asset restructuring and related-party transaction, aims to shift the company's focus to light-asset businesses like property services and asset management, it said.
Pricing will be based on appraised values. The transaction, still under negotiation, seeks to reduce debt and enhance profitability.
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