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Tahoe units to bag 850M yuan land plot, 341M yuan stake in real estate company

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Tahoe units to bag 850M yuan land plot, 341M yuan stake in real estate company

A subsidiary of Tahoe Group Co. Ltd. inked a deal to purchase a 54,543.7-square-meter plot of land in Tianjin, China, for 849.6 million yuan.

The site — within the Tianjin Eco-city space, inside the Tianjin Binhai New Area zone — has a total construction area of 65,400 square meters and a height limit of 60 meters for buildings constructed on the premises, according to a filing.

Separately, another unit of Tahoe Group acquired a 65% stake in a real estate company headquartered in Nanjing, China, paying 341.1 million yuan for the interest. With the purchase, the unit also bagged for 3.7 billion yuan the credit from loans due to the target company, according to another filing.

The target company holds registered capital amounting to 20 million yuan and was established in November 2007. Additionally, the company holds a residential property project in the Jiangning district of Nanjing, which sits atop a 6,464,153.5-square-meter plot.

The company also deals in property transactions, real estate development and leasing activities, among other businesses.

As of Oct. 11, US$1 was equivalent to 6.59 Chinese yuan.