Ying Li International Real Estate sells stake in project for $500m

Chinese property developer Ying Li International Real Estate has plans to sell its stake in a project in Chongqing’s central business district to Shengyu (BVI), part of the China Evergrande Group, for 3.29 billion yuan ($500 million) in cash.

Under the terms of the deal, Shengyu will take on all existing liabilities of around 898 million yuan ($135.79 million) in Shiny Profit Group — Ying Li’s subsidiary that owns the Chongqing CBD project.

The commercial project, formerly known as the Ying Li Chongqing Financial Street Project, is located in Chongqing’s Jiefangbei CBD. It comprises two office tower blocks and a six-story retail mall, located on two prime land parcels totaling approximately 198,055 square feet, and features a gross floor area of approximately 3.44 million square feet.