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Myhome Real Estate, unit to dispose of property subsidiary for 2.96B yuan

Myhome Real Estate Development Group Co. Ltd. and its unit are placing on the market a property company that the main group owns for approximately 2.96 billion yuan.

The Chinese real estate developer plans to sell the 55.25% stake it holds in the company, which is based in the city of Wuhan, China, while its other unit will divest the remaining 44.75% interest.

The identified buyer interested in picking up the full stake in the target company is a real estate company headquartered in Xiamen, China, according to a filing.

The target company was established by Myhome in 2010 and has registered capital amounting to 100.0 million yuan.

The Wuhan-based target unit also holds land-use rights for seven plots in Dengjia village in the same city after winning an auction with a bid of approximately 1.43 billion yuan. The plots have a total land area of 750,000 square meter and have been zoned for 40 years of commercial use and 70% residential utilization. As of Dec. 31, 2017, the unit holds net assets amounting to roughly 264.2 million yuan.

As of March 12, US$1 was equivalent to 6.33 yuan.