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Kerry Properties unit to increase stake in Shanghai property for 1.56B yuan

Kerry Properties Ltd.'s unit plans to increase its investment in a company that indirectly owns a development site in Pudong New Area, Shanghai, for approximately 1.56 billion Chinese yuan.

Shanghai Cai Chang Investment Management Partnership Corp. LP signed a deal to acquire an approximately 19.9643% capital interest in Shanghai Jiting Investment Partnership Corp. LP from Shanghai Cai Lei Investment Management Partnership.

The deal will allow Kerry Properties and its subsidiaries to have 4.67 billion yuan of aggregate payable indirect investments in the property. The amount is equivalent to an approximately 35.3757% equity interest in Shanghai Krupp Stainless Co. Ltd., which owns the project site.

The group intends to use internal resources and/or external bank borrowings to fund the transaction. Kerry Properties said that the stake acquisitions provides a good investment opportunity in the site that can be redeveloped into a mixed-use property.

The site at 21 Tong Yao Road has a gross area of approximately 412,020 square meters. It has been designated for industrial use, but Shanghai Krupp is applying for the conversion of land use right to commercial, office and residential use. Twenty buildings at the site are under demolition.

As of March 31, US$1 was equivalent to 6.89 Chinese yuan.