Frasers Centrepoint disposes entire stake in Beijing Sin Hua Yan Real Estate for $76.6m

Via its subsidiary Sinomax.

Frasers Centrepoint has disposed its entire shareholding interest in Beijing Sin Hua Yan Real Estate for $76.6m (RMB 357.4m).

BJSHY is a company incorporated in the PRC which owns a retail mall-cum-office building with a net lettable area of 156,336 square feet known as Crosspoint located along the Second Ring Road in Beijing.

The divestment is in line with the strategy of the Group of streamlining and divesting its non-core business to focus on the main activities of the Group.

The consideration was arrived at on a willing-buyer, willing-seller basis, and based on the unaudited net asset value of BJSHY as at 31 July 2014, taking into account the valuation of the property.