Tianjin railway firm sells Shenzhen branch to drugmaker

Tianjin Good Hand Railway Holding (TGHRH) (000594.SZ) said it signed an agreement Monday to sell its Shenzhen branch to Senbang Pharmaceuticals for US$12.54 million (RMB85.9 million), the Shanghai Securities News reported. It tried to sell the branch to Shaanxi Zhongtou Assets Management Co in July, but the deal was rejected by a snap board meeting on August 1. TGHRH is principally engaged in the construction and operation of railways and the development and leasing of real estate. Senbang Pharmaceuticals is based in southwestern China’s Guizhou province.