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Da Hengqin Group unit to buy stake in 5.45B yuan property project in China

Da Hengqin Group Co. Ltd. subsidiary Zhuhai Da Hengqin Real Estate Co. Ltd. agreed to buy a 16.68% stake in Winfield Concept Ltd. subsidiary Zhuhai Hengqin Laisun Creative Culture City Co. Ltd. for about 948.4 million yuan, according to a Jan. 19 statement.

Zhuhai Hengqin Laisun Creative Culture is developing the Novotown Phase I project, which has a total gross floor area of around 2.8 million square feet. The integrated tourism and entertainment project in the Zhuhai City of China's Guangdong province comprises the 494-room Hyatt Regency hotel, offices, serviced apartments, cultural studios, shopping and leisure facilities and 2,088 car-parking spaces. The total development cost is estimated to be about 5.45 billion yuan.

Winfield Concept is an indirect subsidiary of each of Lai Sun Garment (International) Ltd., Lai Sun Development Co. Ltd., eSun Holdings Ltd. and Lai Fung Holdings Ltd. The companies said 380.3 million yuan of the capital will be applied to Zhuhai Hengqin Laisun Creative Culture's registered capital, while 568.1 million yuan will be utilized for its capital reserve.

In addition, Zhuhai Da Hengqin Real Estate has been granted a put option to require Zhuhai Hengqin Laisun Creative Culture and/or Winfield Concept to acquire its stake under certain scenarios.

Following the transaction's closing, Winfield Concept and Zhuhai Da Hengqin Real Estate will own 83.32% and 16.68% stakes, respectively, in Zhuhai Hengqin Laisun Creative Culture.

Da Hengqin Group is a Chinese state-owned property investment and development company.

As of Jan. 20, US$1 was equivalent to 6.87 Chinese yuan.