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Beijing Capital Land unit to pay 1.4B yuan for site buy in China

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Beijing Capital Land unit to pay 1.4B yuan for site buy in China

Beijing Capital Land Ltd.'s Beijing Zhongzhi Dingfu Property Development Ltd. subsidiary is buying a land parcel in Kunshan, China, for an aggregate consideration of up to nearly 1.41 billion yuan.

The transaction will be carried out through the acquisition of the entire equity interest of Kunshan Guangsheng Real Estate Development and Management Co. Ltd. from Kunshan Venture Holdings Group Co. Ltd.'s Kunshan Venture Capital Co. Ltd. unit.

The total price comprises the roughly 10.2 million yuan for the acquisition of Kunshan Venture Capital's 100% equity interest of Kunshan Guangsheng Real Estate and the repayment of the target company's loans amounting to 1.30 billion yuan.

Kunshan Venture Capital is the owner of a 68,113.9-square-meter land parcel in Kunshan, China, which is held through Kunshan Guangsheng Real Estate. The site could be utilized for residential purposes on a 70-year term, according to a filing.

As of May 20, US$1 was equivalent to 6.91 yuan.