Troubled investment conglomerate China Minsheng Investment Group (CIMG) sold its remaining stake in a prime plot of land in Shanghai at a discount on Wednesday, after a bond default drew attention to the company’s liquidity shortfall.
The firm made full payment to its creditors after the deal, sources said.
CIMG sold its 50 per cent stake in the central Shanghai site known as Dongjiadu, on the west bank of the Huangpu River, to Greenland Holdings for 12 billion yuan (US$1.8 billion).
The…
Source : South China Morning Post
Read more…China’s credit crunch pressures CIMG into discounted sale of key land plot in Shanghai















