Shui On Land said yesterday it had agreed to acquire the remaining 30 per cent that it did not own in a company that holds the luxury residential development in Shanghai's upmarket Xintiandi area for HK$113.63 million.
After the completion of the Globe State purchase, Shui On's ownership in the Lakeville will increase to 99 per cent from 69.3 per cent.
The Lakeville comprises 1,000 square metres of serviced apartments, a hotel and clubhouse and 7,000 sqmetres of parking and other facilities.
The company said the project was fully completed and held for sale.
Following the completion of the sale and purchase agreement, Globe State will become a wholly owned subsidiary of Shui On and continue to manage and plan for the project.
In addition, it will allow the company the flexibility to use Globe State and its subsidiaries as vehicles for future project development.
