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China Merchants Land closes HK$1.11B transaction via completion of HK$609M deal

China Merchants Land Ltd. wrapped up its approximately HK$1.11 billion agreement with its affiliate, China Merchants Properties Development Ltd., for the acquisition of development sites in Hong Kong by closing the roughly HK$608.6 million component of the deal.

The Hong Kong-based investment holding company settled Feb. 28 the second deal with full cash payment to officially acquire Cheuk Tat Development Ltd., which owns the development site occupying Nos. 23 and 25 Tung Loi Lane and Nos. 30 and 32 New Market St.

The first part of the transaction between the two China Merchants Shekou Industrial Zone Holdings Co. Ltd. subsidiaries was completed Jan. 5, 2017, under which China Merchants Land paid HK$504.3 million in cash to buy Coming Wealth Ltd., the owner of No. 16 Connaught Road West site, also in the special administrative region.

When the billion-dollar transaction was signed Aug. 18, 2016, China Merchants Land said it will develop the acquired properties into serviced apartments, and possibly, into hotels, subject to obtaining necessary license.