A unit of China Jinmao Holdings Group Ltd. bought a 50% stake in a property development joint venture from a unit of Ping An Insurance (Group) Co. of China Ltd. for 2.05 billion yuan.
The deal was signed and closed Sept. 25. Under the deal, vendor Jiaxing Jinfang Qiantang Equity Investment Partnership transferred its 50% stake in Jinmao Hangzhou Property Development Co. Ltd. to China Jinmao unit Shanghai Maohuan Enterprise Management Co. Ltd. Another unit of China Jinmao held the remaining 50% stake in Jinmao Hangzhou.
The stake acquisition brings China Jinmao's stake in Jinmao Hangzhou to 100%.
Jinmao Hangzhou is principally involved in developing the Binjiang Jinmao Palace residential and commercial project, the second phase of which is expected to be completed in 2019-end.
As of Sept. 25, US$1 was equivalent to 7.13 yuan.
