Greenland Hong Kong Holdings Ltd. unit True Crown Holdings Ltd. (Group) Co. Ltd. agreed on Nov. 13 to sell Chinese property company Nanchang Shenyang Real Properties Ltd. for US$283 million to Greenland Holdings Corp. Ltd.
Nanchang Shenyang is currently developing residential properties in the old town of Xihu District and the new town area in Chaoyang District in the city of Nanchang, China. The properties cover a total gross floor area of about 475,000 square meters, with most of the units already pre-sold. About 2,000 car parking spaces and approximately 20,000 square meters of commercial space are yet to be sold, according to a filing.
Under the deal, Nanchang Shenfei Real Property Ltd. will pay half of the purchase price within 30 days upon the execution of the agreement, with the balance to be settled upon completion.
