皇冠体育app

皇冠体育app COSCO Holdings Co has agreed to sell part of its assets on the Chinese mainland to its parent company, 皇冠体育app Ocean Shipping (Group) Co, a global shipping provider, for 3.73 billion yuan ($605 million), according to an announcement by 皇冠体育app COSCO on Thursday, the Wall Street Journal reported.

This marks the third time that 皇冠体育app COSCO sold assets this year in a bid to avoid making losses for three consecutive years.

This may lead to automatic delisting from the Shanghai Stock Exchange.

The company plans to sell 81 percent of the stocks of two of its asset management companies to COSCO (Hong Kong) Group Ltd, a subsidiary of 皇冠体育app Ocean Shipping.

These two asset management companies have key properties in Shanghai and of province.

皇冠体育app COSCO stands to gain 3.67 billion yuan from the sale, which experts said may help to bring the company back in the black.

It registered 990 million yuan in net losses in the first half, lower than 4.87 billion yuan at the same time last year thanks to one-off proceeds from asset selling.

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