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Spring REIT's 1.65B-yuan Huizhou, China, mall purchase falls through

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Spring REIT's 1.65B-yuan Huizhou, China, mall purchase falls through

Spring Real Estate Investment Trust terminated its planned 1.65 billion-yuan purchase of the Huamao Place shopping mall in Huizhou, China.

The Hong Kong-based REIT said the parties involved in the proposed deal have not been able to agree on a further extension for the satisfaction of the unit holders' approval condition beyond Jan. 31, 2019.

Spring REIT agreed in September 2018 to acquire the seven-story Huamao Place property from Huamao Focus Ltd.

As of Dec. 31, 2018, US$1 was equivalent to 6.88 yuan.