May. 28, 2012 (China Knowledge) - Media China Corp Ltd<0419
>, principally engaged in advertising business, content production business and properties investment, today announced plans to acquire a plot of land in Beijing
for HK$900 million to start a deluxe hotel project.
In a statement, the Hong Kong-listed
firm said it will obtain the plot from Yuan Shun Investments Ltd, wholly-owned by its Chairman and CEO Yuen Hoi Po, in exchange for HK$50 million in cash, HK$150 million in promissory notes and HK$700 million in convertible notes.
The plot, located at Beijing
Chao Lai Football Activities Centre, covers an area of around 387,000 square meters and is designed to have between 80 and 100 low-density, double-storey deluxe hotel villas. The proposed project is adjacent to "Bayhood No. 9 Club" that is also owned by Media China.
Around 40% of the total development in the villa hotel project will start in Q3 2012 and completed a year later. The remaining 60% development will be completed in the Q3 2014, said a person familiar with the matter, adding that the entire project would cost RMB 838 million.