SHANGHAI -- Chinese e-commerce conglomerate Alibaba Group Holding on Tuesday said it will sell its stake in department store chain Intime to clothing company Youngor Group and members of Intime's management team.
The transaction will generate gross proceeds of 7.4 billion yuan ($1 billion) for Alibaba, which holds a 99% stake in Intime. But Alibaba will record a 9.3 billion yuan loss on the sale, partly due to the carrying value of Intime's assets.
