Debao unit to sell stake in loss-making Malaysia business for 4m yuan

DEBAO Property Development is proposing to sell a 43 per cent stake in Malaysia’s Profit Consortium for four million yuan to Chinese management services firm Guangzhou Xu Zhuo Enterprise Management.

Debao’s wholly owned subsidiary, Pavillion Treasures Land and Development, on April 26 entered into a sale and purchase agreement with the buyer, Guangzhou Xu Zhuo, and guarantors Guangdong Debao Property Investment and Guangzhou Xiang Chun Enterprises Management for the disposal.Through Pavillion Treasures, Debao owns a 62 per cent interest in PC, while the remaining shares are held by independent third party shareholders.

PC finalised the development plan in 2017 and started repair works of the existing development on the land for the project, but the works have been delayed due to PC’s cash flow difficulties in funding the Plaza Rakyat project and/or working capital requirements, Debao said in the filing on Monday.

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