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BRIEF-Fosun International transfers 50 pct stake in Shanghai Bund Real Estate for RMB5.33 bln
December 12, 2016 / 2:15 PM / 10 months ago

BRIEF-Fosun International transfers 50 pct stake in Shanghai Bund Real Estate for RMB5.33 bln

Dec 12 (Reuters) - Fosun International Ltd:

* Transaction in relation to the transfer of 50% equity interests in Shanghai Bund Real Estate

* An indirect wholly-owned subsidiary of company and purchaser have entered into share transfer agreement

* Deal for at a consideration of RMB5.33 billion

* Seller agreed to sell and transfer and purchaser agreed to purchase and receive 50% equity interests held by seller in project co

* Seller is Zhejiang Fosun and purchaser is Jiaxing Shengshi Shenzhou Wenli Investment Partnership (Limited Partnership)

* Group intends to use proceeds from transaction for repayment of existing loans and for general corporate operating purposes

* Expected that realized gain before tax of approximately RMB1.08 billion will be recognized from transaction under share transfer agreement Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +1 646 223 8780; )

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