Yuzhou Properties buys 7 projects in China for $591 mln

Coastal Greenland

15/01/2018 10:58

HONG KONG, Jan 15 (Reuters) - Chinese developer Yuzhou 
Properties  1628.HK  said on Monday it would buy seven projects 
from Coastal Greenland  1124.HK  for 3.8 billion yuan ($591 
million). 
    The Xiamen-based developer said the projects were spread 
across various major cities, and the purchase would allow it to 
enter Beijing, the southern city of Foshan and the northeast 
city of Shenyang for the first time. 
    "(The deal) offers an excellent opportunity for the Group to 
diversify its property portfolio and enter into a variety of 
markets in the PRC," Yuzhou said in a statement, adding it could 
enhance its earning capacity. 
    Yuzhou shares will resume trading on Tuesday, after being 
suspended from trading on Monday, pending the announcement. 
    The projects have a total gross floor area of 3.13 million 
square meters and saleable resources worth 40 billion yuan, 
according to a press release. 
    ($1 = 6.4278 Chinese yuan renminbi) 
 
 (Reporting by Clare Jim; Editing by Mark Potter) 
 ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters 
Messaging: clare.jim.thomsonreuters.com@reuters.net)) 
 
Keywords: YUZHOU PROPTS M&A/COASTAL GREEN