(Reuters) -Chinese property developer Country Garden said on Friday it would sell an 11.063% stake in LandSpace Technology Co for 1.31 billion yuan ($179.76 million).
The disposal is part of the embattled property developer’s effort to resolve its liquidity issues.
The company said it expects to record a cumulative pre-tax profit of 370 million yuan.
Earlier this month, Country Garden reached an agreement with a key bondholder group and was close to finalising negotiations with a group of bank creditors.
Country Garden has been an investor in LandSpace since 2019. LandSpace is engaged in the research and development of liquid oxygen-methane carrier rockets.
($1 = 7.2873 Chinese yuan renminbi)
(Reporting by Sherin Sunny in Bengaluru; Editing by Shinjini Ganguli)
