Raffles Education in deal to divest Hebei land and property
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A SUBSIDIARY of Raffles Education Corporation will sell land use rights and property in China's Hebei province to Langfang He Ying Property Development Co (He Ying) through a joint-venture firm and a put option agreement.
Raffles Education's unit, Hebei Oriental Zhuyun Property Development Co (Zhuyun), will own 70 per cent of the joint-venture (JV) firm, tentatively to be named Langfang He Zhong Property Development Co.
The other 30 per cent will be owned by He Ying.
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