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First Sponsor subsidiary to sell Chinese commercial property for 465M yuan

First Sponsor Group Ltd.'s Chengdu Gaeronic Real Estate Co. Ltd. unit signed an agreement to sell certain components of the Chengdu Cityspring mixed-use project in Sichuan province, China, for about 465.0 million yuan in cash.

Chengdu Cityspring comprises six residential and four commercial buildings, with 1,272 basement parking slots.

As set out in the deal, Minyoun Industrial Group Corp. Ltd. will purchase the 29-story Block 9 commercial building spanning 39,790.85 square meters, excluding the property's basement floor and seven retail spaces on the first level. The deal also includes a 464.93-square-meter retail area in the Block 8 commercial building, as well as 318 car parking spaces in the basement.

M Hotel Chengdu, a 196-room four-star hotel under the management of Millennium & Copthorne Hotels (Hong Kong) Ltd., occupies parts of Block 9, which Chengdu Gaeronic owns under leasehold terms until March 2049.

The Singapore-based developer is expecting to gain S$5.9 million from the disposal and net proceeds of approximately 396.7 million yuan that it intends to use to fund its existing operations in China.

As of May 29, US$1 was equivalent to 6.42 yuan and S$1.35.