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Jiayuan International plans to buy NY residential complex

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Jiayuan International plans to buy NY residential complex

Jiayuan International Group Ltd. inked a non-binding letter of intent to buy a residential complex development in New York for a consideration of between US$15.0 million and US$30.0 million.

The proposed purchase of the project will be carried out through the acquisition of Choy Ling Lam and Renghe Capital LLC's respective half-stakes in Waterfront Resort Inc., the developer of the residential complex at 109-09 15th Ave., College Point in Queens.

Upon completion, the 180,000-square-feet development will feature two six-floor residential buildings with car parking spaces, ships berth and a harbor-front recreation area.

The China-based company said it will conduct due diligence on both the targeted developer and the project.

According to a news release, the consideration for the deal could still change as no binding agreement has been signed yet with negotiations between parties still ongoing.