Coastal Greenland (01124) said it agreed to acquire 81% of the registered and paid up capital of Hengxiang Real Estate Development Company Limited at Rmb603 million.
The principal assets of the target are six parcels of land located at Ji Xi City, Hei Long Jiang, the PRC, which are acquired from the local government in 2012, with a total site area of about 215,611 square metres for a term of 70 years for residential use or 40 years for commercial use.
It is proposed that the land will be developed into a residential development by three phases with an estimated total GFA of about 679,568 square metres in which GFA of 150,490 square metres is affordable houses to be built for the local government without reimbursement.
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