Department store operator Metro Holdings on Wednesday said it is in talks with Beijing-based property developer H-Change for a potential sale of its 30 percent stake in Chinese company Nanchang Top Spring.
The company has not entered into any legally-binding agreement in relation to the potential divestment by Metro Shanghai, which owns 30 percent interest in Nanchang Top Spring.
Earlier this month, Hong Kong-listed Top Spring International Holdings announced a conditional sale and purchase agreement to sell shares of certain companies to H-Change, including a 19 percent stake in Nanchang Top Spring owned by Top Spring Insite.
Established in 2007, H-Change Real Estate provides housing renovation, housing loans, house sales and other services.
Nanchang Top Spring is mainly involved in project investment and management consultancy services, as well as project development and management.
Shares in Metro Holdings ended up 0.4 percent at S$1.18 on the Singapore Exchange. The stock has gained 22 percent so far this year.