China Resources Land, a property unit of China Resources Co Ltd., has announced that it has agreed to purchase three mainland property projects from its parent company for approximately HK$7.9 billion.
The property developer said in a statement filed with the Hong Kong Stock Exchange that it acquired two residential property projects in Suzhou and Wuhan, and purchased an investment holding firm, which owns a residential and tourism property in Hainan.
The company said it will pay a total of HK$2.37 billion in cash to its parent company, China Resources (Holdings), and the balance of about HK$5.53 billion will be paid through a rights issue plan.
Upon the completion of the acquisition, China Resources’ shareholdings in China Resources Land will be increased to 65.39 percent from the current 63 percent.