HK Stock Market Move | CENTURY GINWA(00162) surged more than 1.2 times and sold its Xi'an commercial property company for 760 million yuan.

CENTURY GINWA (00162) surged more than 1.2 times this morning, rising by 79.07% to HK$0.077 as of the time of writing, with a turnover of HK$18.386 million. On the news front, CENTURY GINWA announced the sale of Xi'an Yixin Property Management (the target company) for a total consideration of RMB 761.9 million. The target company owns commercial real estate located at 1 West Street, Lianhu District, Xi'an City, Shaanxi Province, from the underground negative two floors to the underground one floor of the CENTURY GINWA Bell Tower Store. The buyer is a subsidiary of Qujiang Financial Holdings, the major shareholder of CENTURY GINWA. The group estimates a unaudited profit of RMB 83.04 million from the sale. The net proceeds from the sale are approximately RMB 732.66 million, of which approximately RMB 700 million will be used to repay the group's outstanding loans, and RMB 32.66 million will be used to supplement the group's general operating funds, including but not limited to payment of project costs, payment to suppliers, and administrative expenses.