Greenland HK to buy NY project & set up real estate fund

    Greenland Hong Kong (00337) said it entered into a framework agreement with Kuwait Strategic Investor in relation to potential transactions.
  Greenland Hong Kong agreed to issue convertible preferred shares (CPS) to the investor as the consideration for the purchase of an about 41% effective interest in the Park Lane real estate project located at Central Park South in New York. The CPS will be convertible into ordinary shares of Greenland Hong Kong on a 1:1 basis. Assuming all the CPS are converted into ordinary shares of Greenland Hong Kong, the investor will become the second largest shareholder of Greenland Hong Kong holding more than 10% of the enlarged issued share capital of Greenland Hong Kong (assuming Greenland Hong Kong has not issued any other ordinary shares in the meantime).
  Greenland Hong Kong and the investor will jointly establish the Silk Road Integrated Real Estate Fund (SRIREF) with a targeted size of US$8 billion and for a term of 8 years. The SRIREF will receive diversified capital funding from international strategic and financial investors in order to, among other things, invest in top-tier world class real estate, real estate in prime locations in major cities across the globe, and diversified property sectors.