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| Saturday, 16 September 2017, 09:00 HKT/SGT | |
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HONG KONG, Sept 16, 2017 - (ACN Newswire) - China's leading green technology real estate developer and operator Modern Land (China) Co., Limited ("Modern Land", the "Company"), together with its subsidiaries (the "Group"), stock code: 1107.HK, is pleased to announce that in relation to joint development of a property project with Yango Group in Guangzhou, on 15 September 2017, Modern Land and Yango Group entered into the Share Transfer Agreement whereby Modern Land agreed to acquire 5,100 shares of the Target Company (representing 51% of the issued shares of the Target Company) from Yango Group at the Consideration of HK$1,828,623,141. Upon Completion, The Target Company will be held by Modern Land and Yango Group as to 51% and 49%.
The Target Company is an investment holding company incorporated in Hong Kong and was 100% held by Yango Group prior to the Completion. The Target Company holds 100% of the issued share capital of Smooth Ever. Smooth Ever is an investment holding company incorporated in the BVI and holds 100% of the issued share capital of Cityland. Cityland is an investment holding company incorporated in Hong Kong and holds 75% equity interest in Honkwok Hengsheng, which is a company established in the PRC and is the registered and beneficial owner of the Land. Besides Honkwok Hengsheng is principally engaged in the property development on the Land.
The Land is situated at a prime location in Tianhe District, Guangzhou. It comprises a total site area of approximately 95,382 square metres and a total gross floor area of approximately 280,000 square metres for residential, commercial and other uses. After the conversion of acquisition, the land cost per square metre of gross floor area of the Land is approximately RMB15,000. According to the valuation report of the Land as at 28 February 2017 prepared by an independent property valuer, the market value of the Land was approximately RMB5 billion. The development project of the Land will be branded as "Yango Group MOMA ".
In view of the prime location, the designated use and development potential of the Land, the Acquisition offers a good opportunity for the Group to enhance its portfolio in the property market in the capital city of Guangdong Province with a view to bringing more investment return for the Shareholders.
Topic: Press release summary
Sectors: Daily Finance, Real Estate & REIT, Construct, Engineering
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