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China Vanke subsidiaries acquire mainland redevelopment project for 830M yuan

Two China Vanke Co. Ltd. subsidiaries entered into an agreement to acquire a redevelopment project in Dongguan City in China's Guangdong Province for 830 million yuan.

Dongguan Vanke Real Estate Co. Ltd. and Hybest (BVI) Co. Ltd. will purchase the site from Dongguan City Danxin Property Co. Ltd. and Prosperity International Holdings (HK) Ltd. subsidiaries Honwill Ltd. and Greater Sino Investments Ltd.

Dongguan Honwill Ltd., a 70/30 joint venture between Honwill and Dongguan City Danxin, and Dongguan City Danxing Industrial Co. Ltd. are carrying out the redevelopment of the project and also owns the building rights on the land parcel and the properties on the project. The development sits on a total site area of about 30,453 square meters, with buildings that include a factory, shops and residential buildings.

The group said it intends to use the proceeds from the sale as general working capital and to fund future development and acquisitions.

As of March 13, US$1 was equivalent to 6.32 yuan.