Great Wall Motor (2333.HK) plans to sell the 100 percent stake it holds in Baoding Bochuang Real Estate Developing Co., to Baoding Innovation Great Wall Asset Management, Great Wall Motor’s parent company, for 387 million yuan, reports caing.com, citing a company filing.
Baoding Innovation holds a 62.27 percent stake in Great Wall Motor.
Proceeds from the transaction will be used as working capital.
Following the transaction, Great Wall Motor will not hold any stake in Baoding Bochuang Real Estate Developing Co.. The latter is mainly engaged in real estate development and in sales of construction materials.
Great Wall Motor aims to focus on the development of its core business through the disposal of its real estate assets.
