XE Flavor's services and trademarks sold for $48m

XE Flavor Group Co Ltd, the former high-end catering and restaurant company, has sold all its XE Flavor catering services and trademarks for 300 million yuan ($48.46 million) to Shenzhen Jiajia Catering Service Co, the company said in regulatory a statement.

The company, which is now operating under the name China Science Cloud Technology Group Ltd, shifted its core businesses from catering to Internet services and cloud technology earlier this year.

Of the property sold, 164 of the items are worth 230 million yuan. The move is expected to pay back some of the debts accrued in 2012 when the company issued a series of five-year bonds worth 474 million yuan.