Nanjing Langqing Property Co. Ltd., an indirect subsidiary of Landsea Green Group Co. Ltd., amended the terms of its joint venture agreement with Sichuan BRC Hejun Industrial Co. Ltd. for the development of two residential projects in Suqian City, China.
Under the recent deal, Nanjing Langqing will sell a 49% stake in each of the projects instead of the originally agreed 60% interest. From the sale, the Hong Kong-based real estate developer is expecting to gain approximately 104.6 million yuan.
The consideration payable by Sichuan BRC as part of the agreements are estimated at 105.8 million yuan and 91.0 million yuan. The buyer also agreed to provide a nearly 17.2 million-yuan loan to each of the companies overseeing the development of the projects.
The real estate developments considered in the deal are at land parcels No. 05 and No. 06 in Susu Industrial Park, which respectively span 70,211 square meters and 61,208 square meters, according to a filing.
As of July 2, US$1 was equivalent to 6.66 yuan.