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Zhuguang Holdings to buy 51% of China property project for 1.05B yuan

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Zhuguang Holdings to buy 51% of China property project for 1.05B yuan

Zhuguang Holdings Group Co. Ltd. agreed to purchase a 51% stake in a roughly 63,637-square-meter integrated development in Guangzhou, China, from Quan Xing Holdings Ltd. for 1.05 billion yuan.

The five-phase project that was valued at 6.82 billion yuan as of Sept. 30 will include buildings zoned for office, apartment and commercial uses. It has approximately 352,496 square meters of total gross floor area for sale and 360,655 square meters of total gross floor area for development, according to a Dec. 18 filing.

The Hong Kong-listed developer is acquiring the stake through its South Trend Holdings Ltd. subsidiary.

As of Dec. 18, US$1 was equivalent to 7.00 Chinese yuan.