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Yuexiu REIT takes control of majority stake in Chinese project

Yuexiu Real Estate Investment Trust completed the acquisition of a 67.0% stake in an integrated development in Wuhan, China, from Yuexiu Property Co. Ltd. unit Guangzhou Construction & Development Holdings (China) Ltd.

The trust paid roughly 1.20 billion yuan upon closing. This represented the balance following the initial payment of roughly 1.21 billion yuan, making up 60% of the total consideration of 2.28 billion yuan, and accounting for adjustments.

Yuexiu REIT's manager said in a release that the seller is expected to pay an excess amount of about 4.4 million yuan in taxes associated with the reorganization and acquisition.

The company drew down approximately 1.22 billion yuan from its new bank facility to finance the purchase, along with internal resources.

The transaction creates Wuhan Yuexiu Property, a 67/33 joint venture between Yuexiu REIT and Guangzhou Construction.

As of Dec. 21, US$1 was equivalent to 6.58 yuan.