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Modern Land unit buys majority stakes in 2 property project companies

Modern Land (China) Co. Ltd. subsidiary Modern Green Development agreed to acquire an 89.8% stake in Huzhou Dongjun Construction Development Co. Ltd. and an 84.73% stake in Huzhou Dongju Construction Development Co. Ltd.

Huzhou Dongjun and Huzhou Dongju are each behind a development project in Huzhou, China, with the former developing a 37,029-square-meter land parcel and the latter developing a 98,058-square-meter parcel. The seller is Huzhou Dongfang New Urban Construction Development Co. Ltd, according to a release.

The deal includes the settlement of outstanding land premiums and taxes of roughly 199.0 million Chinese yuan and 524.7 million yuan, respectively, in relation to the two projects.

The acquisitions will be funded via Modern Land's internal resources.

As of Dec. 26, US$1 was equivalent to 6.54 Chinese yuan.