Greenland Hong Kong gets more asset injection from parent
Shareholder loan and 55pc stake in owner of Kunming projects transferred in 952m yuan deal
Greenland Hong Kong is buying a shareholder's loan and a 55 per cent interest in a company that holds Kunming property projects from its parent, Greenland Group, for 952 million yuan (HK$1.2 billion).
The deal marks the second asset injection into the company since Shanghai-based Greenland acquired a 60 per cent stake in Greenland Hong Kong at the end of August.
The firm in which the stake is being bought owns two developments - one in Caohai and one in Wuhua - in Kunming, the capital of Yunnan province.
The Caohai development comprises residential, offices and car parks with a total gross floor area of 211,733 square metres.
With a total gross floor area of 472,642 sqmetres, the Wuhua project is offering high-end offices, homes and shops. Pre-sale marketing will begin at the end of this year.
Chen Jun, chairman and chief executive of Greenland Hong Kong, said the asset injection, together with that of a Hangzhou project early last month, would bring long-term business prospects to the company.