Rail giant dumps 2.6b yuan Evergrande stake

China Railway Construction Corporation (1186) has put a 49 percent stake in a joint venture with a unit of embattled developer China Evergrande (3333) up for sale for 2.66 billion yuan (HK$3.13 billion).

Evergrande's unit holds the remaining 51 percent stake, according to data from Beijing Equity Exchange.

This came as Goldin Financial (0530) said Pan Sutong has resigned as chairman and executive director, and vice-chairman Abraham Shek Lai-him has become the new chair.

Pan's resignation was due to "his desire to focus on his other personal commitments," the company said in a filing.

Shek, aged 77, was formerly a member of the Legislative Council and currently holds directorship in a number of Hong Kong-listed companies, it said.

Meanwhile, China Overseas Land and Investment (0688) said it recorded contracted property sales of 26.39 billion yuan last month, a drop of 23 percent from a year ago.

The corresponding gross floor area sold was approximately 1.02 million square meters, which was 42 percent lower compared to that of May 2021.

The accumulated contracted sales in the first five months of this year were 95.03 billion yuan and the aggregate corresponding GFA sold was approximately 4.43 million sq m - 39 percent and 42.3 percent lower from a year earlier, it said in a filing yesterday.

As of the end of May, the state-owned developer had recorded subscribed property sales of approximately 19.3 billion yuan, which are expected to be turned into contracted property sales in the following months.

In May, it acquired three land parcels in Guangzhou, Nanchang and Beijing with an aggregate attributable GFA of approximately 424,777.08 sq m, it added.