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Modern Land unit buys 80% stake in Chinese real estate company for 261M yuan

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Modern Land unit buys 80% stake in Chinese real estate company for 261M yuan

Modern Land (China) Co. Ltd. unit Modern Green Development Co. Ltd. agreed to buy the remaining 80% stake it does not own in Huojian Real Estate Investment for roughly 261 million Chinese yuan.

The seller of the stake was Jiaxing Lvxin Equity Investment Fund Enterprise (LLP).

Huojian Real Estate owns the entire equity interest in Hefei Modern Yinghe Real Estate Co. Ltd., which is the project company of the Modern MOM? City of Future (Hefei) project. The total gross floor area of the project is 460,037 square meters.

The companies also signed a supplemental agreement making the maximum total consideration for the deal around 315.1 million yuan.

As of Dec. 28, US$1 was equivalent to 6.53 Chinese yuan.