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C&D International subsidiary wins bid for 1.36B yuan land acquisition in China

C&D International Investment Group Ltd.'s indirect wholly owned subsidiary Xiamen Yi Yue Property Co. Ltd. won a bid to acquire a plot of land and land use rights in Zhangjiagang City in Jiangsu Province, China, for roughly 1.36 billion yuan.

The company also agreed to a shareholder loan facility not exceeding 5.0 billion yuan from C&D Real Estate, its principal shareholder. The three-year loan facility commences April 1.

The acquisition was agreed with local authority Zhangjiagang Land Bureau.

The plot's site area spans roughly 69,857.74 square meters and the total plot ratio floor area of the land does not exceed roughly 125,743.93 square meters. The land is zoned for residential and commercial use.

The company has made a payment of 320.0 million yuan as a deposit and will pay the remainder in two installments with due dates in April and December. The acquisition is expected to be financed via available shareholders' borrowings.

As of March 29, US$1 was equivalent to 6.29 yuan.