CIFI Holdings (00884) said it agreed to acquire 50% of equity interest and the relevant shareholder's loan in each of Changsha Henggao Property Development Limited and Changsha Zijing Property Limited from subsidiaries of Henderson Land Development (00012) at Rmb253 million and Rmb107 million.
Henggao and Zijing own a total of four plots of lands in Changsha, the PRC with a total planned gross floor area of 830,354 square metres. The term of land use rights is 70 years for residential purposes. CIFI and Henderson Land's subsidiaries will jointly develop the sites owned by Henggao and Zijing.
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