Central China Real Estate Ltd. unit Joy Ascend Holdings Ltd. is acquiring a 100% interest in Pacific Prestige Holdings Ltd. for 765.0 million yuan from Joy Bright Investments Ltd., an entity owned by Central China Chairman and controlling shareholder Wu Po Sum.
Pacific Prestige holds 90% effective interest in a roughly 32,572-square-meter parcel of land within the Economic and Technological Development Zone in China's Henan province. The property is expected to be developed into a mixed-use project with offices, hotels and public facilities with a gross floor area of about 228,774 square meters.
As at Nov. 30, the property was valued at 850.0 million yuan by Savills Valuation and Professional Services Ltd.
The transaction is expected to close Feb. 15, 2019, following which Pacific Prestige will become a subsidiary of Central China.
As of Dec. 14, US$1 was equivalent to 6.91 Chinese yuan.