Gree Group, parent of Gree Electric Appliances Inc. (000651.CN), is planning to spin off its property assets as part of a restructuring, China Securities Journal reported Thursday, citing a regulatory filing. Gree Group will transfer a 51.94 percent stake in Gree Real Estate Co. Ltd. (600185.CN) at no cost to a new entity set up by Zhuhai’s state assets regulator, its ultimate controller. After the deal, the assets regulator will auction up to 49 percent of Gree Group to strategic investors, the filing said. Yale Endowment Fund is a potential strategic investor in Gree, China Business News reported, citing an industry source.
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