Landsea Green Properties Co. Ltd. subsidiary Nanjing Xubohui Corporate Consulting Management Co. Ltd. is divesting its 48% stake in a project company based in Hefei, China, to Shanghai Zhongcheng Qiannian Investment Centre (LP) for nearly 24.9 million yuan.
Under the agreement signed Dec. 25, Shanghai Zhongcheng will also pay Nanjing Xubohui roughly 629.3 million yuan for the loan that the target, Hefei Wanxin Landsea Cultural Investment Co. Ltd., owes to the seller.
Hefei Wanxin oversees the development of a residential land parcel in Hefei's hi-tech district with a net site area of 63.65 mu, or 42,433 square meters. To help finance the project's development, Shanghai Zhongcheng also agreed to provide a loan of up to 17.8 million yuan to Hefei Wanxin.
Greenshied Corp. and Landsea International Holdings Ltd., which collectively own a 62% stake in Landsea Green, has already approved the proposed transaction, the company said in a filing.
As of Dec. 26, US$1 was equivalent to 6.54 yuan.