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EC World REIT shelves plan to acquire Hangzhou, China, properties for 703M yuan

Singapore-listed EC World REIT is not proceeding with its 702.5 million-yuan acquisition of the stage 2 properties of Bei Gang Logistics in Hangzhou, China.

The company's Hangzhou Bei Gang Logistics Co. Ltd. unit received a right of first refusal from Forchn Holdings Group Co. Ltd. to acquire the entire right of use and economic benefits of the properties.

EC World said the acquisition would not be in the company's best interests "at this juncture," as it believes that the transaction will not be accretive to its per-unit distribution at the purchase price.

As of Oct. 15, US$1 was equivalent to 6.92 yuan.