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Yuexiu Property selling Chinese asset for 590M yuan

Yuexiu Property Co. Ltd. is selling the Hangzhou Victory Business Center Tower 2 in China's Zhejiang province for a total consideration of 590 million yuan.

The disposal to Yuexiu REIT 2018 Co. Ltd., which is a special purpose vehicle of Yuexiu Real Estate Investment Trust, will be carried out through the sale of all the issued share capital of Wealthy Reach Holdings Ltd., which is an indirect subsidiary of Yuexiu Property.

Wealthy Reach indirectly wholly owns Hangzhou Yuehui Real Estate Development Co. Ltd., which owns the land.

The buyer will also be granted a shareholder loan of roughly 550.1 million yuan.

The deal is expected to complete on or before Jan. 31, 2019.

As of Dec. 21, US$1 was equivalent to 6.91 yuan.