Hong Kong-based Landsea Green Group Co. Ltd.'s Nanjing Langming Real Estate Group unit terminated a deal to buy the entire equity interest of Shaanxi Changtai Real Estate Development Co. Ltd.
Nanjing Langming requested the termination because the land use rights of Shaanxi Changtai's project land had not yet been confirmed, according to a release.
A third-party group of investors agreed to sell the shares in Shaanxi Changtai in May 2017 to Nanjing Langming for 150.0 million yuan. The acquisition was supposed to give Nanjing Langming interest in Shaanxi Changtai's approximately 77,633-square-meter residential development project in the Changan District in China's Shaanxi Province.
Nanjing Langming is expected to return the 10% interest it acquired in Shaanxi Changtai after agreeing to the acquisition, according to a release.
As of Dec. 26, US$1 was equivalent to 6.89 yuan.