China Fortune Land sells property units to rival firm in debt restructuring

China Fortune Land sells property units to rival firm in debt restructuring

FILE PHOTO: Buildings of residential compounds are seen in Shanghai, China August 11, 2020. REUTERS/Aly Song

China Fortune Land Development Co has agreed to sell equity interest and debt in four property units worth 12.4 billion yuan ($1.8 billion) to a unit of China Resources Land Ltd (CR Land), the companies said.