(Yicai) Dec. 14 -- Country Garden Holdings, a debt-laden Chinese developer, said a subsidiary will sell all of its shares in Zhuhai Wanda Commercial Management Group, a property services unit of real estate giant Dalian Wanda Group, for CNY3.1 billion (USD435 million).

Gold Ease Global agreed to sell its 1.8 percent of the shopping mall operator to Zhuhai Wanying or another part designated by Wanda, Country Garden announced today, citing the deal inked yesterday. The proceeds will be used to restructure the builder’s overseas debt, it added. 

Zhuhai Wanying provides enterprise management and consulting services, whose actual controller is Wanda Chairman Wang Jianlin, Country Garden noted, without disclosing details of Wang's stake in the buyer.

Shares of Foshan-based Country Garden [HKG: 2007] closed 1.3 percent up at 78 Hong Kong cents (10 US cents) apiece in Hong Kong today, after earlier soaring by as much as 9.1 percent.

Country Garden has completed the rollover of its domestic and some of its overseas debts since hitting a liquidity crunch in the third quarter. Most of its domestic debt was extended for three years, with the restructuring of its offshore debt proceeding.

Country Garden’s Chairwoman Yang Huiyan, President Mo Bin, Executive Director Yang Ziying, and non-Executive Director Chen Chong all voluntarily cut their annual salaries by between 67 percent and 96 percent to CNY120,000 (USD16,800), the company announced on Dec. 12.

Zhuhai Wanda Commercial Management is the only business platform for light asset operation and management of commercial centers under Dalian Wanda Commercial Management Group. It manages 494 large commercial centers as of last month.

Editor: Martin Kadiev