Xiamen Yi Yue Property Co. Ltd., a subsidiary of C&D International Investment Group Ltd., signed an agreement with Jianyang Jiasheng Property Development Co. Ltd. to acquire a 40% interest in a company that owns a land parcel in Nanjing City in China's Jiangsu Province.
Pursuant to the agreement, Xiamen Yi Yue will pay Jianyang Jiasheng 80.0 million yuan in cash for the stake purchase and will also repay the nearly 298.0 million yuan shareholder's loan that the target owes to the land owner, Nanjing Jiayang Property Development Co. Ltd.
The land, zoned for residential use, measures approximately 73,276.86 square meters and has a 70-year land use right. It has an up to 146,553.72-square-meter total plot ratio floor area.
Xiamen Yi Yue intends to fund the acquisition of the stake using loans made available to the group by C&D controlling shareholder C&D Real Estate Corp. Ltd.
As of March 14, US$1 was equivalent to 6.32 yuan.
