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Beijing Capital Land unit to invest in Sunac China subsidiary

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Beijing Capital Land unit to invest in Sunac China subsidiary

Juyuan Xincheng (Tianjin) Commercial Management LLP, a subsidiary of Beijing Capital Land Ltd., agreed to acquire a 36% interest and provide a 783.0 million yuan shareholder loan to Xiamen Rongdi Real Estate Co. Ltd., a wholly owned subsidiary of Sunac China Holdings Ltd.

Juyuan Xincheng will pay 36.0 million yuan for the stake in Xiamen Rongdi.

Both the equity investment and shareholder loan will be used by Xiamen Rongdi's Hangzhou Rongxiang Real Estate Co. Ltd. unit to develop a 40,488-square-meter residential site in Yunhe New City in Hangzhou, China, with a land premium of roughly 2.17 billion yuan.

As of Dec. 28, US$1 was equivalent to 6.88 Chinese yuan.