China Knowledge reported that CITIC Pacific Ltd an arm of China biggest state owned investment conglomerate, CITIC Group plans to sell a residential building to the parent company at a consideration of HKUSD 99.67 million.

The target residential building which is designed to have 12 stories will be located in Wanning, Hainan Province. The property is expected to generate income of HKD 21 million

Mr Chang Zhenming chairman of CITIC Group previously said the company will enhance cooperation with its 58% owned CITIC Pacific for further expansion in the real estate market.

(Sourced from China Knowledge)