Amsterdam-listed company Kardan announced last week that its wholly owned subsidiary GTC Real Estate China has signed an agreement to sell its 50% stake in a real estate project in Hangzhou, China.

GTC China is selling its holding in the real estate project company Hangzhou International Financial Center (HIFC) to a Chinese real estate and investment company, Rich Holding Group for RMB 269 mln ( EUR 31 mln). HIFC is a mixed-use project, which is in its design phase. GTC China acquired the stake in HIFC in the latter half of 2008.

The transaction is expected to be closed in the first quarter of 2011.

GTC China's strategy is to gradually focus more on shopping mall development due to the expected increase of consumption in China. HIFC does not fit into this strategy as it involves significant office and luxury apartment development components.