China Resources Land to offload stake in property management arm for $2 billion

China Resources Land (1109) plans to offload nearly 50 million shares in its property management arm for HK$2 billion. 

The state-owned developer is selling the shares in China Resources Mixc Lifestyle Services (1209) for HK$41.7 apiece, a nearly 10 percent discount to the closing price on Wednesday, according to a filing on Thursday. 

The net proceeds from the disposal are intended to be used as acquisition of land reserve, development costs and general working capital of the group, it said.

Upon completion of the deal, its stake in the unit would reduce from 72.29 percent to 70.12 percent.