China Aoyuan Property (03883) said it agreed to acquire the entire equity interest in Xiongtai Property Development Co., Ltd. at Rmb650 million.
The target company's principal business is property investment and development, comprising the property development and construction of two parcels of land located in Guangzhou including the Land known as Lizhi Shan, Cooperative Society of Qiling, Jiancun, Yonghe, No. 29 Yongping Road, Yonghe, Xintang Town, Zengcheng District, Guangzhou with a maximum plot ratio-based gross floor area of about 138,263 square meters for residential uses. Apart from development of the project, the target company is required to build certain communal facilities and resettlement houses on the land which are to be repurchased by the government authority. The foundation work of certain part of the land has been completed and the expected completion date of the construction work on the land would be around mid-2017.
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