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China's Shimao sells stake in joint venture company to reduce debt

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Chinese real estate company Shimao Group Holdings said on Monday it would sell a 26.67per cent stake in the joint venture Guangzhou Lihe Property Development for 1,844.5 million yuan ($291.48 million) in order to reduce its debt. ($1=6.3280 Chinese yuan renminbi) (Reporting by Tejaswi Ma

FILE PHOTO: A man walks past a wall carrying the logo of Shimao Group, with residential buildings and the financial district of Pudong seen in the background, in Shanghai, China January 1, 2013. Picture taken January 1, 2013.

REUTERS/Stringer
 

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