(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