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Agile Group unit inks partnership deal to develop 3 Chinese projects

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Agile Group unit inks partnership deal to develop 3 Chinese projects

An Agile Group Holdings Ltd. unit entered into an agreement with three other parties to invest additional capital into a limited partnership company.

Zhongshan Yajing Real Estate Development Co. Ltd. will invest 7.50 billion yuan into Guangzhou Kaiya Shi Investment Partnership (LP). The unit made the deal with Kaili Yifang Capital Management Co. Ltd., Guosen Securities Co. Ltd. and Zhongshanshi Shiguang Chuangjian Industrial Co. Ltd. for the additional capital contribution, which represents a 37.49% stake in the joint venture vehicle.

In addition, the limited partnership also agreed to invest an aggregate of 1.96 billion yuan in three projects — the Dongcheng, Hua Sheng Tang and Shenzhong Yihao projects — in the city of Zhongshan in China's Guangdong province. The projects are held by three Zhongshan Yajing joint ventures, namely Zhongshan Jucheng Enterprise Co. Ltd., Zhongshan Haide Real Estate Development Co. Ltd. and Zhongshan Zhili Land Co. Ltd.

Pursuant to the deal, the limited partnership entrusted the Industrial and Commercial Bank of China Ltd. Zhongshan branch to provide loans worth a combined roughly 1.82 billion yuan to develop the projects, with Zhongshan Yajing pledging the stakes in the joint venture companies as security.

Upon completion of the transaction, the limited partnership will own a respective 50% equity interest in Zhongshan Jucheng and Zhongshan Haide, as well as a 45.05% stake in Zhongshan Zhili, while Zhongshan Yajing's stakes in the three will be reduced.

As of Dec. 14, US$1 was equivalent to 6.61 yuan.