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2007-11-20 06:37:00 p.m. HKT, XFNA
HK's New World China to buy remaining 27 pct in Jinan Sunshine for 51 mln yuan
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HONG KONG (XFN-ASIA) - New World Development said its unit New World
China Land has agreed to acquire the remaining 27 pct stake in Jinan New
World Sunshine Development Ltd (Jinan Sunshine) for 51.0 mln yuan.
After the acquisition, Jinan Sunshine will become an indirect
wholly-owned subsidiary of New World China.
Jinan Sunshine is mainly engaged in the development of Jinan Sunshine
Garden in Jinan, Shandong province. The property has a total gross floor area
of 48,500 square meters and will be developed into a residential and
commercial development.
The company said the acquisition will provide a good opportunity to
capitalize on the growing market demand for high quality residential
properties in Jinan.
roby.lau@xfn.com
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