Gree Real Estate Co. Ltd. has become the third listed developer in recent months to announce they are leaving the property development business. The unit of Gree Electric Appliances has decided to scrap its restructuring plan and move out of property development.
Originally, Gree Real Estate intended to buy 100% of Zhuhai Duty Free Enterprise Group Co. Ltd. by raising funds from no more than 35 specific investors in a private placement. However, changing conditions have led the company’s board to withdraw the original plan and make significant adjustments.
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