Cash-strapped private investment conglomerate China Minsheng Investment Group (CMIG) has sold off yet another asset.
CMIG subsidiary Shanghai Jiawen is selling half of the 18.04% stake it holds in property developer Yango City Group to building materials company Fujian Jiecheng Trading, Yango City said in a statement Tuesday.
The statement didn’t disclose specific details of the transaction.
Yango City, founded by Fujian entrepreneur Lin Tengjiao, remains under the control of Lin’s family and was China’s 14th largest real estate company by sales volume in 2018. CMIG has held a stake in Yango City through Shanghai Jiawen since 2015.
CMIG, which has assets in fields ranging from solar power to real estate and finance, is struggling to pay off an estimated 233 billion yuan ($35 billion) of total debt amid an economic slowdown. Earlier this month, the conglomerate admitted that it was going through a “strategic transformation” and selling assets “no longer considered suitable for the company’s strategic direction.”