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01109 CHINA RES LAND
RTNominal down24.150 -0.550 (-2.227%)
Others

18/10/2018 10:23

Modern Land (01107) buys land parcels for CAD220m in Canada

[ET Net News Agency, 18 October 2018] Modern Land (China)(01107) said its wholly-owned
subsidiary has agreed to buy all the issued shares of a Target Company from Modern
Commercial, and Kunyuan International for CAD220 million.
The Target Company, through First Richmond North Shopping Centres, holds the legal
titles of six land parcels with a site area of 624,430 square feet. The land parcels are
suited in Richmond, British Columbia, Canada. One elderly commercial complex has been
built on the land parcels with gross floor area of 384,312 square feet, of which 370,884
square feet is leasable. The complex includes shopping mall, book store, clinic and
restaurants. Currently, the land parcels have 1,157 units of car-park spaces. The
remaining site area of the land parcels is planned for future potential development of
residential, senior housing and commercial uses. (KL)

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