KWG Group disposed off equity interests in projects to Greentown China for over 2 bn yuan

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Chinese property developer KWG Group has disposed of equity interests in some development projects in the cities of Suzhou and Hangzhou to Greentown China and its subsidiaries, the company said in a stock exchange filing.

The disposal involved 50% equity interest in Suzhou Jinyu; 51% equity interest in Suzhou Zhuoyu; and 50% equity interest in Hangzhou Zhiyan, for a total consideration of 2.072 billion yuan, which shall be utilized to repay the company’s debt, it said.