CMIG sells $1.8b Shanghai project stake to Greenland Group

China Minsheng Investment Group (CMIG) has sold its 50 percent stake in a mixed-use project in Shanghai’s South Bund area to Greenland Group for RMB 12 billion ($1.77 billion).

Earlier this week, Bloomberg reported China Minsheng Investment Group Corp.’s stakes in two property-related firms had been frozen by a court. Shanghai’s Financial Court seized the company’s stakes in China Minsheng Jiaye Investment Co. and China Minsheng Bund Real Estate Development Co., valued at a combined 13.2 billion yuan ($1.9 billion).

Shanghai-based China Minsheng Investment is being closely watched by investors as it owed about $34 billion as of June. The court-imposed freeze on some of its holdings may hurt the firm’s ability to raise funds, especially as a majority of its bonds are set to mature this year.

CMIG, which is China’s largest privately owned investment group, is selling its remaining equity in the project along Dongjiadu Road in Huangpu district,