Nona Morelli Sells Interest in Development

Nona Morelli’s II Inc. said Thursday it agreed to sell its interest in the Peony Garden real estate development in Beijing to Hartcourt Cos. of Los Angeles for $22 million.

Peony Garden is a residential and commercial real estate development.

Nona Morelli, a leisure and entertainment holding company, said it acquired the three residential towers last year in a deal with Silver Faith Development Ltd. of Hong Kong.