GuocoLand: Sale Of Cultural Building In Shanghai For S$120.8 Million.

24 Sep 2020 08:51

GuocoLand Limited's indirect wholly-owned subsidiary, Shanghai Xinhaolong Property Development Co., Ltd., incorporated in the People's Republic of China, has entered into an agreement with Shanghai Changfeng Investment (Group) Co., Ltd., a party unrelated to the Company, for the sale by SHXHL to the Buyer of a cultural building, formerly known as Guoson Mall, within the Guoco Changfeng City project in Shanghai, People's Republic of China for an aggregate consideration of RMB610 million, approximately S$120.8 million. Upon completion of the Transaction, GuocoLand Group is expected to recognise a net loss of approximately S$13.5 million due to taxes arising from the Transaction...

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