(Yicai Global) Dec. 7 -- Shares of R&F Properties surged after the Chinese real estate developer announced the sale of its remaining 30 percent stake in a logistics park to US investment firm Blackstone Group for nearly CNY1.3 billion (USD204 million) in cash.

R&F Properties [HKG: 2777] closed up 7.1 percent at HKD4.20 (54 US cents) today, with a market cap of HKD15.8 billion (USD2.03 billion). The Hang Seng Index also gained, finishing 2.7 percent higher.

R&F has signed an agreement with Blackstone’s fund unit for the transfer of the equity in Guangzhou International Airport R&F Integrated Logistics Park, the developer said in a statement this morning. Guangzhou-based R&F will raise CNY1.3 billion from the sale, which will be used to pare debt and for general working capital.

A liquidity crisis has beset China’s homebuilders, including market leader China Evergrande Group, since the second half of this year, prompting them to raise funds through various means to pay back maturing debts.

R&F has not defaulted on its debt. The company sold its property management firm for CNY10 billion in September to ease liquidity constraints.

Blackstone will gain full control of the logistics park after the transaction is completed. R&F sold 70 percent of the park to New York-based Blackstone for about CNY4.06 billion in cash in January, according to an earlier announcement.

The logistics park has a planned total construction area of 1.4 million square meters. The first group of warehouses started being used in 2008, according to its website.

The area now in operation is about 920,000 sqm, including warehouses, workshops and cold storage facilities. Well-known clients include Alibaba Group Holding’s logistics arm Cainiao Network, online shopping giant JD.Com, and courier service SF Express.

Editor: Peter Thomas