PACPO Holdings has reversed part of a deal signed last year because property prices in China have not risen as fast as expected. Pacpo has exercised a put option relating to the acquisition of Accurate Level and a shareholders' loan from previous owner, Recognition Inc, a subsidiary of Pacific Concord Holdings, itself Pacpo's controlling shareholder, and will receive $132.52 million from Recognition. The sole asset of Accurate is a 50 per cent interest in the shares of and a shareholder loan to Concord Properties Holding (Wuhan). The Wuhan company has land-use rights for a plot of land in Wuhan valued at $235 million, with Accurate's interest valued at $117.5 million. The proceeds will be used to acquire a unit on the 13th floor of Lippo Tower and a power plant in China.
