Fullsun International Holdings Group Co. Ltd.'s Shanghai Fullsun Properties Co. Ltd. subsidiary agreed to acquire a 75% stake in Chinese property developer Jiaxing City Bojin Properties Co. Ltd. for a total of 430.5 million yuan.
The sellers are Zhongbo International (China) Investment Co. Ltd., Fujian Changrun Investment Co. Ltd. and Fujian Zhongbo Investment Co. Ltd., according to a release. Upon completion of the deal, Zhongbo International will hold the remaining 25% in the target company, which will become an indirect nonwholly owned subsidiary of Fullsun International.
The target company owns a commercial and residential project with land in China's Jiaxing City. The project, which comprises a total construction area of roughly 222,000 square meters, was valued at approximately 289.6 million yuan as at May 31. Jiaxing City Bojin Properties plans to invest about 800.0 million yuan in the development, which is slated for completion in 2019.
As of Sept. 6, US$1 was equivalent to 6.84 yuan.