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LT Commercial to buy 2 complexes in China's Hebei province in HK$4.5B deal

LT Commercial Real Estate Ltd. is acquiring from its CEO, Chairman and executive director Yang Longfei for HK$4.50 billion two companies that indirectly own two commercial complexes in China's Hebei Province.

Under a March 20 conditional agreement, the property developer's Lerthai Global Commercial Real Estate Fund SPC subsidiary will fully acquire Lerthai International Holdings Ltd. and Greatpro Holdings Ltd.

The principal asset of the Lerthai International group is the tower phase of Shijiazhuang Lerthai Centre, which has a gross floor area of roughly 596,876 square meters, consisting of a tower phase of about 214,436 square meters and a shopping mall phase of about 382,440 square meters.

Lerthai International holds the stake in Shijiazhuang Lerthai's tower phase through its Skyjoy Assets Management Ltd., which in turn holds the entire equity interest of Shijiazhuang Lerthai Real Estate Development Co. Ltd., owner of the title and land use right of the tower phase site and about 177,957 square meters of the property.

Greatpro, meanwhile, holds the entire equity interest of Tangshan Oceancity Real Estate Development Co. Ltd., and the group's principal asset is the Tangshan Pelagic Mall. Tangshan Oceancity also holds two empty land parcels, measuring 12,933 square meters in total, located at the north and east of the Tangshan Pelagic Mall site for future development.

Tangshan Pelagic Mall has a total gross floor area of about 116,735 square meters, of which about 3,342 square meters have been sold, with the rest held by Tangshan Oceancity for leasing purpose, as well as for office use by the Greatpro group.

LT Commercial said in a filing that the acquisition provides the company a chance to tap into rising property prices of the prime locations of Shijiazhuang and Tangshan and to bolster its cash flows, earnings and net assets.