Joy City Property (00207) said it agreed to acquire the remaining 35% equity interest in Beijing Kunting Assets Management Co., Ltd. at Rmb533 million.
Upon completion, the target will be an indirect wholly-owned subsidiary of Joy City Property.
The target engages in the management and development of the commercial project to be developed on a parcel of land located at No. 208 Andingmenwai Main Street, Dongcheng District, Beijing, the PRC, with a total site area of 13,030.28 square metres.
Andingmen project is at its preliminary stage of construction and is expected to complete construction at the end of June 2018. In consideration of the strategic location and enormous potential of the Andingmen project, it is expected to achieve significant financial return upon completion of the project.
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