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China Resources Gas unit to buy 315.7M yuan Zhenjiang office tower

A subsidiary of China Resources Gas Group Ltd. signed a sale and purchase agreement to acquire for about 315.7 million yuan a commercial building in the Chinese city of Zhenjiang.

Zhenjiang China Resources Gas Co. Ltd. purchased the 21-story commercial tower from Zhenjiang City Construction Industry Group Co. Ltd. to house its office, which will be an integrated property comprising a dispatch center, customer service center, archival space, a staff cafeteria and parking area, among other amenities.

The building spans a total floor area of 30,841.47 square meters, with the site the tower sits on originally bought by Zhenjiang City Construction for roughly 11.5 million yuan. The company spent about 270.9 million yuan to build the tower on the plot.

The seller owns a 39% stake in the buyer, which will fund the purchase using internal resources from its parent.

As of June 14, US$1 was equivalent to 6.40 Chinese yuan.