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China Fortune Land unit to buy 2.64B yuan stake in Chinese property developer

A subsidiary of Beijing-based industrial real estate developer China Fortune Land Development Co. Ltd. has landed a deal to purchase a 48.387% stake in a property developer for 2.64 billion Chinese yuan.

The target company is headquartered in Zhuozhou in Hebei province, China, and holds total registered capital of 3.10 billion yuan.

It is primarily involved in real estate development and sales, as well as in property management, according to a filing.

As of March 15, US$1 was equivalent to 6.32 Chinese yuan.