Tuan Sing unit sells stake in China property developer for 103m yuan

SINGAPORE - Bauhinia Land, a unit of Tuan Sing Holdings, has disposed its entire stake in Chinese property developer Qingdao Shenyang Property on March 14 for about 103 million yuan (S$21.4 million).

Bauhinia sold its stake to an unnamed independent third party.

The consideration took into account the unaudited net asset value of Qingdao Shenyang as at Feb 28, 2018, Tuan Sing said in a filing with the Singapore Exchange on Thursday morning (March 15).

Proceeds from the sale will be used for funding new opportunities in China as the property group continues to look at opportunities for investment or development into residential, commercial or mixed use sectors, it said.

Tuan Sing shares closed at S$0.45 on Wednesday.