Raffles Education in deal to divest Hebei land and property

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.