Czech ECM sells 40 pct stake in Chinese developments for 2.5 mln

Czech property developer ECM Real Estate Investments said it sold a 40 pct stake in two Chinese development projects for 2.5 mln usd.

Metro Holding and HSBC NF China Real Estate Fund purchased the stake in ECM's Globe Plaza shopping centre and Metropolis Tower office building projects in Beijing and agreed to provide 69.1 mln usd in development funds for the properties, ECM said in a statement.

ECM, with projects in the Czech Republic, Poland, Russia and China, bought the two Chinese developments in August this year.