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Landsea Green inks asset deal with Hon Kwok; board seeks name change

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Landsea Green inks asset deal with Hon Kwok; board seeks name change

Landsea Green Properties Co. Ltd. subsidiary Guangzhou Langxiu Corporate Management Consulting Ltd., in deals signed with two Hon Kwok Land Investment Co. Ltd. subsidiaries, agreed to buy a commercial property in Guangzhou, China.

Under the agreement, Guangzhou Langxiu will buy the entire equity interest of Guangzhou Jianzhao Properties Co. Ltd., the owner of the asset, for about 230.0 million yuan and shoulder the target's loan owed to one of the vendors with a principal amount of roughly 30.0 million yuan.

The property involved in the conditional sale and purchase deal comprises the 15-story Jie Fang Building with a gross floor area of roughly 11,507 square meters, as well as five car parking spaces at No. 123 Jiefang South Rd., Yuexiu District.

In a separate announcement, Landsea Green said its board is seeking to change the company's name to Landsea Green Enterprise Co. Ltd. to better reflect its diversified business operations. The proposal, subject to shareholders' vote during a yet-to-be-scheduled special general meeting, also includes changing the company's secondary name in Chinese, the company noted.

As of Dec. 18, US$1 was equivalent to 6.62 yuan.