Evergrande to sell non-core businesses

China’s second-largest real estate developer said it has agreed to sell off its non-core businesses for a total 2.7 billion yuan ($404.8 million) to focus on property development. China Evergrande Group said in a filling to the Hong Kong stock exchange on Wednesday that it plans to sell its grain and edible-oil unit for 600 million yuan, its dairy business for 300 million yuan and its bottled-water subsidiary for 1.8 billion yuan. The three businesses together had liabilities of about 3.3 billion yuan as of the end of August 31, Caixin reports. The property developer saw its profit for the first six months of this year fall 23% from the same period of 2015, weighed down by higher costs for selling homes and a huge debt load.