Modern Land (China) (01107) said it agreed to acquire 51% of the issued shares of Yango Yuegang Limited from Yango Group Co., Ltd. at HK$1,829 million.
Upon completion, the target company will be held by Modern Land and Yango Group as to 51% and 49%, respectively. The target group holds 75% equity interest in Guangzhou Honkwok Hengsheng Land Development Ltd., which is the registered and beneficial owner of the land and is principally engaged in the property development on land parcels situated in Tianhe District, Guangzhou, Guangdong Province, the PRC. The land has a total site area of around 95,382 square metres and a total gross floor area of around 280,000 square metres for residential, commercial and other uses.
The acquisition will enable the Modern Land Group to acquire 38.25% attributable interest of the land and its property development project.
Yango Group is a joint stock limited company established in the PRC and is principally engaged in real estate development and property management in the PRC. The shares of Yango Group are listed on the Shenzhen Stock Exchange (Stock code: 000671).
18/09/2017 09:26
Modern Land to develop Guangzhou project with Yango Group
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