China Jinmao Holdings, the property development arm of state-backed Sinochem Holdings, has sold a tourism subsidiary that owns the five-star Ritz-Carlton hotel on Hainan Island for 2.26 billion yuan (US$322 million), as it pursues asset restructuring amid a prolonged downturn in mainland China’s real estate market.
Shanghai Jinmao, the developer’s wholly owned unit, reached an agreement with Sanya Luanmao on Tuesday to sell its 100 per cent stake in Sanya Tourism, which solely owned the Ritz-Carlton Sanya Yalong Bay, China Jinmao said in a statement to the Hong Kong stock exchange on Wednesday.
