April 4, 2019 / 6:38 AM / 5 months ago

BUZZ-Developer Greenland jumps to near 10-mth high on sale of Shanghai project

** Shares of Greenland Hong Kong Holdings Ltd rise as much as 17.9 pct to HK$3.76, their highest since June 6, 2018, after the property developer reaches deal to sell a Shanghai project to enhance cashflow position

** The developer has agreed to sell a Shanghai project, comprising commercial, office and residential property, to asset manager Brookfield Asset Management Inc for at least 2.8 billion yuan ($417.04 million)

** Shanghai-based company says it will use the estimated 1.8 billion yuan gain from the disposal for general working capital, and to fund future business developments

** The stock, which was halted on April 1, resumes trade on Thursday afternoon

** As of last close, the stock had risen 67 pct so far this year

** Greenland has outperformed the Hang Seng Property Index sector by 28.4 percentage points in the past one month

** The Hang Seng property sub-index tracking property firms falls 1.4 pct on Thursday while the Hang Seng China enterprises index eases 0.3 pct ($1 = 6.7140 Chinese yuan renminbi)

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