Hong Kong-listed LET Group has successfully completed the sale of a mainland China business that operates malls in Zhejiang. Formerly known as Suncity Group, LET Group sold Dongyang Xinguang Pacific Industrial for RMB 20 million ($2.8 million).

According to the filing, LET Group stated that the deal was closed on October 18th. Even though the selling price resulted in a loss, the board emphasized in a previous statement that the deal was about reallocating resources to develop existing businesses. This decision was made due to the mall operator’s consistent loss-making position since May 2022.

Shares of LET Group Holdings have plummeted nearly 75 percent since September 22nd, just a couple of weeks after the firm announced its subsidiary’s plans to sell a mall operator in Mainland China.