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Yuexiu Property subsidiary to pay 181M yuan for Guangzhou project stake

Yuexiu Property Co. Ltd.'s Guangzhou Yingsheng Investments Co. Ltd. unit signed a deal to purchase the entire stake in Guangzhou Yunxiu Real Estate Co. Ltd. from Guangzhou Ming Rui No.1 Industrial Investment Partnership for 180.9 million yuan.

The total amount for the transaction includes a 64.9 million-yuan loan that the Yuexiu subsidiary will provide to Guangzhou Hong Sheng Property Development Co. Ltd., a joint venture project company in which the target owns a 2% equity interest.

Guangzhou Hong Sheng owns the land use rights to four land parcels in Guangzhou, China, which form the site of a mixed-use project comprising 30 blocks of residential bungalows, a shopping area, clubhouse and school. It will use the loan to pay in full the amount it owes to Guangzhou Ming Rui.

After the transaction is completed, the target and the project company will become indirect subsidiaries of Yuexiu Property.

As of May 30, US$1 was equivalent to 6.42 yuan.