English | 简体中文 | 繁體中文 | 한국어 | 日本語
Saturday, 16 September 2017, 09:00 HKT/SGT
Share:
Modern Land Join Hands with Yango Group for the Development of 280,000 Square Metres of Residential Land in Guangzhou Tianhe District

HONG KONG, Sept 16, 2017 - (ACN Newswire) - China's leading green technology real estate developer and operator Modern Land (China) Co., Limited ("Modern Land", the "Company"), together with its subsidiaries (the "Group"), stock code: 1107.HK, is pleased to announce that in relation to joint development of a property project with Yango Group in Guangzhou, on 15 September 2017, Modern Land and Yango Group entered into the Share Transfer Agreement whereby Modern Land agreed to acquire 5,100 shares of the Target Company (representing 51% of the issued shares of the Target Company) from Yango Group at the Consideration of HK$1,828,623,141. Upon Completion, The Target Company will be held by Modern Land and Yango Group as to 51% and 49%.

The Target Company is an investment holding company incorporated in Hong Kong and was 100% held by Yango Group prior to the Completion. The Target Company holds 100% of the issued share capital of Smooth Ever. Smooth Ever is an investment holding company incorporated in the BVI and holds 100% of the issued share capital of Cityland. Cityland is an investment holding company incorporated in Hong Kong and holds 75% equity interest in Honkwok Hengsheng, which is a company established in the PRC and is the registered and beneficial owner of the Land. Besides Honkwok Hengsheng is principally engaged in the property development on the Land.

The Land is situated at a prime location in Tianhe District, Guangzhou. It comprises a total site area of approximately 95,382 square metres and a total gross floor area of approximately 280,000 square metres for residential, commercial and other uses. After the conversion of acquisition, the land cost per square metre of gross floor area of the Land is approximately RMB15,000. According to the valuation report of the Land as at 28 February 2017 prepared by an independent property valuer, the market value of the Land was approximately RMB5 billion. The development project of the Land will be branded as "Yango Group MOMA ".

In view of the prime location, the designated use and development potential of the Land, the Acquisition offers a good opportunity for the Group to enhance its portfolio in the property market in the capital city of Guangdong Province with a view to bringing more investment return for the Shareholders.


Topic: Press release summary
Sectors: Daily Finance, Real Estate, Const/Eng
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2019 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
HKTDC Hong Kong Houseware Fair and Home Textiles Fair open today  
Apr 20, 2019 19:00 HKT/SGT
TOYOTA GAZOO Racing Eyes South American Gravel Glory  
Apr 19, 2019 16:30 HKT/SGT
Toyota, DENSO and SoftBank Vision Fund to Invest $1 Billion in Uber's Advanced Technologies Group  
Apr 19, 2019 08:35 HKT/SGT
Hemp, Inc. Reports Oklahoma Next to Allow Commercial Production of Industrial Hemp  
Apr 19, 2019 01:00 HKT/SGT
ReShape Lifesciences Announces Distribution in Australia  
Apr 18, 2019 20:00 HKT/SGT
Innovative Transition to New Age of Computing  
Apr 18, 2019 17:00 HKT/SGT
Suprema ID introduces Android-based mobile fingerprint enrollment solutions at ConnectID 2019  
Apr 18, 2019 16:00 HKT/SGT
DOCOMO, DOCOMO USA and ITOCHU Logistics to trial IoT Fleet Management solution in US  
Apr 18, 2019 15:52 HKT/SGT
TransCanna Completes Sub-Lease of 10,000 Square Foot Facility in Adelanto, CA  
Apr 18, 2019 15:30 HKT/SGT
SGX Bull Charge kicks off 2019 fundraising with Sasseur Asset Management as Premium Partner  
Apr 18, 2019 15:00 HKT/SGT
More Press release >>
 Events:
More events >>
Copyright © 2019 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6653 1210 | Tokyo: +81 3 6859 8400