Kowloon Development (00034) said it agreed to acquire 20% equity interest in Ideaplan Investments Limited at HK$219.1 million.
Upon completion, Ideaplan will become a wholly-owned subsidiary of Kowloon Development.
Ideaplan is principally engaged in investment holding. It wholly owns Polytec Property (Wuxi) Limited, a company established in the PRC with limited liability which is principally engaged in property development in the PRC. Its principal development project is located in the Chong An district, a central business district of Wuxi, the PRC, with a total site area of about 68,833 square metres and a total gross floor area of about 404,400 square metres. The second phase of the Wuxi project is currently under construction and is expected to be completed later this year.
23/06/2017 10:41
Kowloon Dev (00034) to buy remaining stake in Wuxi project
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