CITIC Pacific Ltd. (00267.HK) said in an exchange filing on Wednesday that it has agreed to sell property assets in Shanghai’s Pudong New Area worth 2.5 billion yuan (US$410.429 million) to China CITIC Bank Corporation Ltd. (00998.HK, 601998.CN). The deal will be handled via CITIC Pacific’s indirect non-wholly-owned subsidiary Shanghai Xintai. Construction at Shanggang Xincunjiedao in the Pudong New Area is expected to be completed before June 30, 2016. The property will be a 15-storey commercial and office development and a four-level underground commercial, cultural and entertainment complex with a combined gross floor area of 47,815 square meters, the filing said.
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