GOLDLION Holdings chairman Tsang Hin-chi, executive director Wong Lei-kuan and the Tsang Family Trust have agreed to transfer their personal interests in a $231.9 million Guangzhou joint venture co-operative property development into the parent company.
In exchange for a 53 per cent interest in the proposed commercial block, Goldlion will be expected to come up with the entire $231.9 million development cost.
The proposed site adjoins one of the exits to the Tianhe Station of the Guangzhou underground railway, which is still under construction.
To be built in conjunction with a mainland partner, the development will be a 29-storey top-grade commercial building with a total gross floor area of 574,367 square feet, expected to be named Goldlion Tower.
It is expected that the land-use rights certificate in the name of the joint venture company will be issued within the next few weeks.