Shui On Land (00272) said Japan's Mitsui Fudosan Residential Co., Ltd. exercised the option to terminate the shareholders' agreement and the amount payable by Shui On Land to Mitsui for the purchase of the all of the issued share capital of Glory Land Investment Limited then owned by Mitsui shall be Rmb177 million.
After completion, Shui On Land's interest in Glory Land shall be increased from 51% to 100% resulting in Glory Land becoming an indirect wholly-owned subsidiary.
Glory Land holds all the class A shares of Billion China, which confer the rights attributable to Crown Fame's 90% interests in Foshan Shui On, a company which holds the land use rights of the two parcels of land, namely Lot 6 and Lot 16 of Foshan Ling Nan Tian Di property development project located at Foshan City of Guangdong, which will be developed mainly for residential purpose with an estimated total developable above-ground GFA of about 61,630 square metres.
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