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Central China Real Estate to boost stake in Chinese project company for 1B yuan

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Central China Real Estate to boost stake in Chinese project company for 1B yuan

Central China Real Estate Ltd. agreed to purchase an additional 10% stake in Henan Central China Fuju Investment Co. Ltd. from Guangzhou R&F Properties Co. Ltd. for 1 billion yuan.

The transaction will involve the transfer of the targeted interest in Henan Central to the buyer's Shanghai Yujin Investments Consultancy Co. Ltd. subsidiary, as well as the responsibility for Henan Central's 262.3 million yuan of debt, according to a Jan. 17 filing.

The China-incorporated Henan Central had 9.49 billion yuan of unaudited total assets as of June 30, 2019. It oversees the development Urban Renovation Project of Wulongkou and the Integrating-villages-into-city Project of Huayuankou, with a combined site area of 2,736,000 square meters (4,104 mu).

Following the transaction, Shanghai Yujin will hold a 55% stake in Henan Central, while Guangzhou R&F will hold a 35% stake and Shanghai Hengfen Investment Center (LP) will hold a 10% stake.

As of Jan. 17, US$1 was equivalent to 6.86 Chinese yuan.