A Shimao Property Holdings Ltd. unit entered into an agreement to acquire a 49% stake in a commercial development project in Shenzhen, China, for 3.20 billion yuan in cash.

Shimao Property Holdings (BVI) Ltd. will carry out the transaction through the acquisition of the entire issued share capital of Win Real Group Ltd. from Good Dream Holdings Ltd. Win Real owns a 49% interest in the project company that holds the development, while Shimao Property unit Shanghai Shimao Co. Ltd. owns the remaining 51%.

The company will use its internal resources to fund the deal, which is expected to be completed before Jan. 15, 2018, according to a release.

As of Dec. 18, US$1 was equivalent to 6.62 yuan.