Jingrui Holdings Ltd. exchanged a 240 million-yuan contract to buy the owner of a five-block commercial property in Beijing's Dongcheng District.
The transaction will be carried out with Jingrui's Beijing Jingye Business Management Center LP as the purchaser and Yuehai Xingye (Beijing) Investment Co. Ltd. and Xinlong Foundation Investment (Beijing) Co. Ltd. as the sellers.
The buyer is expected to complete payments for the property before June 30, the Hong Kong-listed property developer said in a filing.
The property has a total construction area of 4,268.1 square meters. It has 14 tenants.
As of May 9, US$1 was equivalent to 6.36 yuan.