Ying Li divests 3.3b yuan stake in Chongqing CBD project

MAINBOARD-listed Chinese property developer Ying Li International Real Estate said on Tuesday that it is selling its stake in a project in Chongqing's central business district to Shengyu (BVI) - part of China Evergrande Group - for 3.29 billion yuan (S$671.9 million).

Under the terms of the deal, slated to close before the end of November, Shengyu will pay 2.77 billion yuan for the Ying Li International Commercial Centre Project and a further 514.7 million of land tender deposits, whic…