China Railway Construction Investment Group to sell stake in Evergrande Real Estate

China Railway Construction Investment Group has plans to sell 49 percent of its equity in an Evergrande-controlled enterprise, Evergrande Real Estate (Shenzhen), for a minimum of 2.66 billion yuan ($398.8 million), reported media outlets.

The Shenzhen-based enterprise, which focuses on real estate development and housing rentals as well as interior home decoration, is currently 51 percent owned by Evergrande Group and 49 percent by China Railway.

China Railway, which is under the state-owned Assets Supervision and Administration Commission of the State Council, bought the holdings in Evergrande Real Estate (Shenzhen) in December 2019.

Upon completion of the sale, China Railway will exit Evergrande Real Estate (Shenzhen) entirely.