YuzhouProperties Co. Ltd. said its unit, Xiamen Yuzhou Grand Future Real EstateDevelopment Co. Ltd., won a bid to acquire Zhongwei Property Zhejiang Co. Ltd.and its sale loan for an estimated 4.10 billion Chinese yuan.
Zhongwei,a state-owned group, owns three land parcels in Hangzhou in Zheijiang province,China, with a total site area of nearly 145,000 square meters and a total grossfloor area of approximately 297,000 square meters. Two of the land parcels aredesignated for residential use and the third is marked for commercial use. Thebuyer added that it plans to develop a high-end residential complex on the land.
Thetarget company is 40% owned by Zhongwei Property Co. Ltd., 30% by ChinaNational Tobacco Corp. Zhejiang, and 30% by China Tobacco Zhejiang IndustrialCo., all of which are state enterprises. The target company's sale loan amountsto approximately 1.77 billion Chinese yuan, and is owed to Zhongwei PropertyCo. Ltd.
Thepublic auction was conducted by the China Beijing Equity Exchange.
As of July 14, US$1 wasequivalent to 6.69 Chinese yuan.