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Jiayuan subsidiary agrees to US$35.6M deal to acquire 5 land parcels in Cambodia

Jiayuan International Group Ltd.'s Gang Yuan (Cambodia) Development Co. Ltd. unit signed a deal to purchase five adjoining land plots in Phnom Penh, Cambodia, for nearly US$35.6 million, subject to certain conditions.

Y Seng Co. Ltd. is selling the land parcels, which span a combined 608,140 square meters, at a price of US$58.50 per square meter.

The parties also entered into a service agreement for the potential acquisition of multiple freehold sites by the buyer. The land parcels measure about 2.9 million square meters in area, with Gang Yuan and Y Seng agreeing that the land plots will be bought at the same rate of US$58.50 per square meter.