Two units of real estate developer Landsea Green Properties Co. Ltd. agreed to purchase the property shares owned by CITIC Capital Holdings Ltd. and Shanghai Pingan Heding Investment & Management Co., Ltd. in Shanghai Rui Kai Investment Partnership.
Shanghai Langqing Investment Management Ltd. will pay 10,000 Chinese yuan while Nanjing Langming Real Estate Group Ltd. will spend 221.0 million yuan for the sellers' respective property shares in the partnership.
The partnership holds a full stake in Best Benefit Ltd., a special-purpose vehicle formed to help Landsea Green develop a property portfolio in Shanghai. The portfolio consists of 40 residential units, car parks and public facilities with an aggregate site area of 13,433 square meters and a gross floor area of 15,787 square meters.
Best Benefit and Landsea Green respectively hold 61.54% and 38.46% equity interests in the latter's joint venture, Silver Knight Global Ltd., a special-purpose vehicle formed to hold and co-develop the Shanghai portfolio.
Once the deal closes, the partnership, Best Benefit and Silver Knight and its subsidiaries will become indirect units of Landsea Green.
As of Feb. 6, US$1 was equivalent to 6.28 yuan.
