GuocoLand announces cessation of unit

PROPERTY firm GuocoLand Limited on Thursday said its indirect wholly owned subsidiary, Tianjin Zhongxin Mingshi Real Estate Development (TJZX), will cease to be a subsidiary upon the completion of an agreement entered into between TJZX, GuoSon Investment Company (GICL) and Tianjin Hua Xia Jin Hui Investment Company (HXJH).

GICL will transfer the full equity interest in TJZX to HXJH, as well as novate the debt it owes TJZX to HXJH. The transaction totals 581.37 million yuan (S$119 million), which reflects the net asset value of TJZX.