China Jinmao Holdings Group Ltd. was granted a purchase option by a Sinochem Group subsidiary to acquire the latter's entire equity interest in a project in the Dongli district of China's Tianjin city.
Under the deal, the company may purchase the land use right for the 59,628-square-meter land parcel within the noncompete undertaking period, pursuant to certain conditions.
Sinochem unit Wuhan Huazi Enterprise Management Consulting Co. Ltd. won the site via a listing-for-sale for 3.15 billion yuan. The site has a gross floor area of about 119,256 square meters and is allocated for urban residential and commercial service purposes.
As of Aug. 1, US$1 was equivalent to 6.72 Chinese yuan.