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Sunac China unit buys land parcel in China for 3B yuan

A unit of Sunac China Holdings Ltd. signed an agreement with four other parties to acquire a land parcel in Dalian, China, for about 3.23 billion yuan.

Dalian Sunac Real Estate Co. Ltd. will buy the site through a deal made with Runde Group Ltd., Dalian Jinxin Group Ltd., Glory Gain Pte. Ltd. and Shanghai Fenghai Investment Co. Ltd. to purchase Dalian Runde Qiancheng Real Estate Development Co. Ltd., the 413,154-square-meter site's developer.

The total consideration for the property is made up of the 3.06 billion yuan for the equity interest and 168.2 million-yuan shareholder's loan. The land has a total gross floor area of 1,664,002.9 square meters, intended for residential and commercial purposes.

As of June 5, US$1 was equivalent to 6.80 Chinese yuan.