Raffles Education signs accord with Langfang Fenghe for sale of Hebei, China properties

A Raffles Education subsidiary entered into an overall agreement with Langfang Fenghe International Golf Club.

This is in connection with the sale and transfer of land use rights relating to properties in Hebei, China.

Raffles Education subsidiary Hebei Oriental Zhuyun Property Development agreed to sell the land use rights to four land parcels with a total area of about 422,910 sqm located in Langfang Development Zone, Hebei, China, together with some properties, for a total amount of RMB1.047 billion.

“The divestment of these non-core assets will enable us to realise returns on our investments in Oriental University City,” said Mr Chew Hua Seng, chairman and CEO of Raffles Education.

“More importantly, this transaction has enabled us to realise cash for re-investment into our core education businesses,” he added.

In a statement, Raffles Education said the exact process and mechanism and any further terms for implementation and completion of the transfer has not yet been finalised.