SHANGHAI :
China's Yuanda Sells Kenyan Property Unit as African Businesses Ebb
Liao Shumin
DATE:  Jun 26 2019
/ SOURCE:  yicai
China's Yuanda Sells Kenyan Property Unit as African Businesses Ebb China's Yuanda Sells Kenyan Property Unit as African Businesses Ebb

(Yicai  Global) June 26 -- Yuanda Intellectual Industry Group, a Chinese  elevator maker, will pull out of real estate business in Nairobi, Kenya,  after retreating from Cote d'Ivoire.

Yuanda  Intellectual sold China Yuanda Real Estate Group to an individual  investor for CNY1.4 million (USD200,587), the Liaoning province-based  firm said in a statement. 

Yuanda  Real Estate will sell its remaining 80 uncompleted homes to repay its  debt of CNY44.3 million to its parent by the end of this year. The  unit's net assets were CNY918,900 (USD133,565) negative at the end of  last year. Its valuation was CNY1.4 million. 

Yuanda  Intellectual announced on June 24 it plans to shut down the China  Yuanda Construction Group, a Chinese subsidiary it registered at the  same time as Yuanda Real Estate, in order to optimize its overseas  business strategy and reduce operating and management costs.

Yuanda  Intellectual deregistered its Cote d'Ivoire unit in April after the  promised 200 hectares of land provided by the local government for free  did not come through. The property project had been years in the making.

Yuanda Intelligent's [SHE: 002689] stock price has risen 3.4 percent today to CNY4.90 (US 70 cents).

Editor: Emmi Laine 

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Keywords:   Africa,Kenya,Nairobi,Real Estate,Property