Chinese Estates Holdings will acquire an interest in a piece of land in China’s Jiangsu province, Reuters reports. The Hong Kong-based property developer will buy a 49% stake in Grandday Group, a unit of Chinese property developer, Evergrande Real Estate Group, which owns the land for $500 million.

Evergrande intends to use proceeds from the sale for general working capital purposes, adds RTT News. Grandday and its subsidiaries own the title to the land, which is intended for the development of residential and commercial properties as well as related ancillary facilities.

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