CK Asset Holdings Ltd. divested an over 4 billion-yuan integrated property development in Dalian, China, to Sunac China Holdings Ltd., Caixin reported, citing a representative for the vendor, as well as people familiar with the matter.
The representative for CK Asset confirmed that the companies started negotiating for the transaction six months ago, with the deal finalized four months ago, according to the Oct. 11 report.
The 142,900-square-meter mixed-use project will feature residential buildings with a floor area of 314,900 square meters and is planned to include office and retail units, the news platform noted, citing plans released by Dalian's bureau of urban planning in 2017 and 2018. CK Asset secured the rights to the development site in 2011 for 1.9 billion yuan, Caixin added.
As of Oct. 11, US$1 was equivalent to 7.09 yuan.