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Hong Kong's Yuexiu Property seeks buyer for China property project

Hong Kong's Yuexiu Property Co. Ltd. is seeking a buyer for its 100% equity interest in a complex property project in the Nanhai district of Guangzhou, China.

The company on Oct. 21 launched a public tender process for the sale of Foshan Nanhai Yuexiu Property Co. Ltd., which holds the property project comprising shopping malls, entertainment facilities, offices and residential properties. The interest in Foshan Nanhai Yuexiu Property is held by Extra Act Ltd., a wholly owned subsidiary of Yuexiu Property.

The public tender will be carried out via the Guangzhou Enterprises Mergers and Acquisition Services, or Guangzhou Equity Exchange.

The public tender will end Nov. 15.

The initial bidding price will be 355.4 million yuan for the acquisition of the property project and an undertaking to refinance 100% of the project's 997.3 million worth of liabilities owed to Guangzhou City Construction & Development Co. Ltd., a 95%-owned subsidiary of Yuexiu Property.

As of Oct. 21, US$1 was equivalent to 7.08 Chinese yuan.