Sunac China (01918) said it agreed to acquire 50% equity and debt interests in each of Hangzhou Heming Investment, Hangzhou Rongyue Investment and Zhejiang Yuecheng Investment at a total of Rmb2,054 million.
Upon completion, Sunac China will indirectly own 50% equity interests in Qionghai Huayue Enterprise and Hainan Herong Property Development, which are principally engaged in the development of the Boao Golden Bay Project located in Qionghai City, Hainan Province. The project will be mainly developed for residential and commercial usage, with an aggregate site area of about 1.65 million square metres, a plot ratio of 1.0 and a total saleable area of about 1.65 million square metres of which about 1.4 million square metres are unsold at this stage.
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