China Fortune Land to sell assets for $75m

China Fortune Land Development (SSE:600340) announced the sale of assets held by its wholly-owned subsidiary, Gu'an CFLD Real Estate Development Co., Ltd., to Gu'an Production Development Zone Management Co., Ltd. The transaction involves buildings and land use rights within the Emerging Industry Demonstration Zone, specifically the Satellite City Technology Avenue Standard Factory Building project. The total transaction value is approximately 537 million RMB ($75 million USD). The funds from the sale will be primarily allocated to "ensuring housing delivery" related expenses and resettlement housing construction. According to preliminary estimates, the sale is expected to generate approximately 76 million RMB ($10.6 million USD) in profits for the company.