Tianjin Xingtai Jihong Real Estate Co. Ltd., a wholly owned subsidiary of Beijing Capital Land Ltd., struck a deal with Tianjin Metro (Group) Co. Ltd. to purchase the remaining 51% equity interest in Tianjin TJ-Metro MTR Construction Co. Ltd. for roughly 1.83 billion Chinese yuan.
The target company will become a wholly owned unit of Tianjin Xingtai once the deal closes. Tianjin Xingtai previously purchased a 49% stake in the project company from MTR Property (Tianjin) No.1 Co. Ltd., a wholly owned subsidiary of MTR Corp. Ltd.
The project company is developing a site north of the Xiao Wang Zhuang Jin Pu North Road in the Hebei District of Tianjin, China, which spans roughly 66,888 square meters. The development is expected to have a total gross floor area of approximately 435,950 square meters, with 252,650 square meters above ground level and about 183,300 square meters underground.
A deposit of 549.3 million yuan is being held in escrow for Tianjin Xingtai in connection with the purchase.
As of March 12, US$1 was equivalent to 6.33 Chinese yuan.
