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An update from China New City Commercial Development Ltd ( (HK:1321) ) is now available.
China New City Group Limited has announced a cooperation memorandum with CITIC Capital SSG to establish a joint venture platform aimed at investing in distressed assets in the PRC. This strategic move aligns with the structural transformation of the Chinese real estate market, as the company seeks to capitalize on market opportunities through mergers and acquisitions of non-performing assets. The joint venture represents a significant shift in the company’s business model, leveraging its operational expertise and CITIC Capital’s asset management experience to diversify its business portfolio and optimize its balance sheet.
More about China New City Commercial Development Ltd
China New City Group Limited operates in the real estate industry, focusing on commercial real estate development and operation. The company is transitioning from a traditional capital-intensive model to a capital-light approach, emphasizing asset management services.
YTD Price Performance: -25.56%
Technical Sentiment Signal: Buy
Current Market Cap: €160.4M
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