(Reuters) - Country Garden Services ( CTRGF ), the property services arm of Chinese property developer Country Garden ( CTRYF ), said on Wednesday it agreed to sell its 1.49% stake in Zhuhai Wanda Commercial Management for 3.14 billion yuan ($446.54 million).

The sale allows the company to streamline its investments, recover capital, and refocus on its core business operations as part of its planned exit strategy, it said.

Once a top developer by sales, Country Garden ( CTRYF ) is undergoing an offshore debt restructuring after defaulting on its $11 billion offshore bonds last year.

The beleaguered company also reported a drop of more than 38% in its first-half profit for 2024.

($1 = 7.0318 Chinese yuan renminbi) (This story has been refiled to correct a typographical error, in paragraph 4)