Corporate digest

IPC Corporation

IPC has signed a non-binding heads of agreement to sell to Xinyuan (China) Real Estate, a unit of New York-listed Xinyuan Real Estate, its hotel, Grand nest HOTEL zhuhai, for an indicative price of about RMB200 million (S$41 million).

It has also signed a non-binding heads of agreement with the same subsidiary to acquire a 51 per cent equity interest in Beijing iJourney Technology Development Co for U$5.1 million - likely to be satisfied through the issue of new shares at S$0.40 each.