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Financial Street unit makes deal to buy stake in Beijing property developer

A subsidiary of Financial Street Holding Co. Ltd. signed an agreement to pick up a 30% stake in Beijing Wuyi Real Estate Development Co., Ltd. from parent company China Wuyi Co. Ltd.

Chang An (Beijing) Co. Ltd. will pay 3.10 billion yuan for the stake buy in the Beijing property developer, which holds the Wuyi Garden development project in the Chinese capital. The site, which has been zoned for residential, commercial, financial and educational property development, spans 285,400 square meters and can provide 1.2049 million square meters of total construction area.

Beijing Wuyi, which was established in November 1993, also holds total registered capital amounting to 41.8 million yuan. According to a release, the target company deals in property development and leasing, as well as real estate management.

As of Dec. 20, US$1 was equivalent to 6.58 yuan.