Guangzhou, China-based China Aoyuan Property Group Ltd., through its Fine Wisdom Global Ltd. subsidiary, is buying a property asset in the New Territories, Hong Kong, for roughly HK$950.0 million from Great Plan Global Ltd.
The targeted unoccupied property at Kwai Chung Town Lot No. 46 is held under a 99-year government term lease and includes a 12-story building with a total gross floor area of approximately 117,233 square feet, among other amenities.
The planned purchase is subject to, among other things, the ongoing reorganization of the property's owner, Capital Benefit Ltd., to become a wholly owned subsidiary of Great Plan's Finest Gold Global Ltd. subsidiary. Once the restructuring is carried out, Fine Wisdom will then be able to buy Great Plan's entire shareholding in Finest Gold.
Following the transaction, Finest Gold and Capital Benefit will become indirect subsidiaries of China Aoyuan, according to a filing.
