Yida China Holdings Ltd. completed May 14 its acquisition of a 61.54% stake in Richcoast Group Ltd., a subsidiary of Shui On Land Ltd.
The acquisition, the first in a two-step plan to take full control of the Chinese company, means that Richcoast has become an indirect wholly owned subsidiary of Yida China, according to a filing. Richcoast also ceased to be a subsidiary of Shui On.
The stake deal announced in November 2017 was carried out by Yida China's Many Gain International Ltd. subsidiary, and it also agreed to buy the estimated 28.2% interest that it does not already own in Richcoast for 1.30 billion yuan. The second acquisition agreement is subject to a number of conditions.
Richcoast indirectly owns a roughly 3 million-square-meter integrated project in Dalian, China.
As of May 14, US$1 was equivalent to 6.34 yuan.