LET Group Holdings Ltd., a Hong Kong-listed investor in a number of Asian casino projects, said its indirect wholly-owned subsidiary had completed the disposal of a mainland Chinese company operating a mall in eastern China's Zhejiang province.

The news of the sale of Dongyang Shinkang Pacific Industries Co Ltd was reported in a filing by LET Group on Thursday. It said the deal had closed the previous day.

Buyer Xingang Yuancheng Inc agreed to pay 20 million yuan ($2.7 million) to acquire a 100% stake in the target company, according to a Sept. 21 filing by LET Group.

In the announcement, LET Group said its Zhejiang shopping mall manager has been in a "sustained loss situation" since "May 2022" and faces "fierce competition with online [sales] platforms."

The disposition means LET Group can "avoid" the additional input of working capital for its deteriorating business, it said in a Sept. 21 announcement.

LET Group said the event would allow it to "focus resources on developing existing businesses."

LET Group is the indirect controller of Suntrust Resort Holdings Inc., which is listed on the Philippine Stock Exchange developing casino hotel plans in Westside City, the capital of the Philippines, Manila.

SunTrust Resort reaffirmed in August that it plans to open operations at the property in the "fourth quarter of 2024."

LET Group also controls Hong Kong-listed Summit Ascent Holdings Ltd., which holds major ownership of the Tigred Crystal Casino resort near Vladivostok in Russia's Far East.