The statement said that after Urban Development sold Fenghua South Bank's shares to IOI Properties Group, it could earn 465 million yuan from the transaction. Fenghua South Bank located on Meizhi Road is jointly developed by Urban Development an...
The statement said that after Urban Development sold Fenghua South Bank's shares to IOI Properties Group, it could earn 465 million yuan from the transaction.
Fenghua South Bank located on Meizhi Road is jointly developed by Urban Development and IOI. Urban Development owns 50.1% of the joint venture, while the rest is owned by IOI.
The market reported that the city development had left Fenghua South Bank on Wednesday morning, prompting the group to suspend transactions. At around 2:30 pm, the company issued an official statement announcing that it would sell all its Fenghua South Bank equity for RMB 834.2 million.
News that the sale of equity in South Beach of the comprehensive development project in Urban Development (CDL) boosted investor sentiment and pushed the company's share price to rise 2.46% on Wednesday (June 4).
After the company resumed trading at 3 o'clock, its stock price gradually rose and broke through the 5 yuan price before the closing, reaching 5.02 yuan, but it fell rapidly, and the stock price closed at 4.99 yuan, up 2.46% throughout the day.
