Sino Land sells stake in China property project for $1.34b

Sino Land China Investment Holdings, a unit of property developer Sino Land Co., and its partner Tsim Sha Tsui Properties have agreed to sell an 80 percent stake in a project in Chengdu known as The Palazzo for $1.34 billion.

The new owner is Wealth Express Development, a subsidiary of Shenzhen Overseas Chinese Town.

Sino Land stated in a filing to the Hong Kong stock exchange that the net proceeds from the sale would be used for working capital.

The Palazzo will consist of high-end residences, business buildings, shopping mall and hotels, located in the western Chinese city. It is currently under construction and being built on two sites. The project totals more than 2.6 million square feet.