China Overseas (Zhong Guo) Ltd. has sold a 50% stake in subsidiary Big Profit Enterprises Ltd. to a unit of a JP Morgan real estate fund, the company's parent China Overseas Land & Investment Ltd said Friday.

China Overseas said the transaction was completed yesterday. It said Big Profit owns the land use rights to a 24,795.4 sq m plot of land in Shanghai's Luwan district.

China Overseas said the group has been cooperating with different partners to develop property development projects and the formation of a joint venture with a JP Morgan real estate fund unit is in line with the group's current strategy.