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Yuexiu Property has announced that one of its subsidiaries will acquire a 70.3% effective interest in Hangzhou Binfeng Real Estate Development as part of its ongoing expansion strategy. The total consideration for the transaction includes an equity payment of RMB 363.6 million along with other components. The acquisition is expected to strengthen the company's presence in Hangzhou, one of China's key property markets. Yuexiu Property has continued to pursue selective investments in high-potential projects while maintaining its focus on expanding its development portfolio.
Yuexiu Property Co. Ltd. said one of its subsidiaries will acquire a 70.3% effective interest in Hangzhou Binfeng Real Estate Development, further expanding its footprint in China's residential property market.
The company stated that the total consideration for the acquisition includes an equity payment of RMB 363.6 million, along with other transaction-related components. However, it did not disclose additional financial details or the complete structure of the consideration in the announcement.
The acquisition is expected to strengthen Yuexiu Property's presence in Hangzhou, a city that continues to be an important residential and mixed-use real estate market in China. The company has been pursuing project acquisitions and strategic investments in key cities as part of its long-term growth strategy.
Yuexiu Property, a Hong Kong-listed real estate developer, has continued to expand its land bank and development portfolio through selective acquisitions while focusing on projects in economically strong urban markets.
Source Reuters
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