Ying Li sells Chongqing ICC project to unit of China Evergrande as part of $672 mil deal

SINGAPORE (Nov 28): Ying Li International Real Estate, the China‐based developer, has agreed to sell its entire stake in a mixed developement project in the CBD of Chongqing city as part of a RMB3.29 billion ($672 million) deal.

Shengyu (BVI), which is part of the China Evergrande Group, is buying Ying Li’s entire equity interest in its direct wholly‐owned subsidiary Shiny Profit Enterprises, which in turn owns the entire equity interest in Chongqing Yingli Shiny Profit Real Estate Co.

Chongqing Yingli Shiny Profit owns the Ying Li International Commercial Centre project, formerly known as Ying Li Financial Street project, a premium integrated project currently under construction which is located in Chongqing’s core central business district of Jiefangbei and comprises two office tower blocks and a six‐storey retail mall.

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