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Yuexiu Property to sell skyscraper to REIT for US$1.4 bln

May. 30, 2012 (China Knowledge) - Hong Kong-listed property developer Yuexiu Property Co Ltd<0123>, formerly known as Guangzhou Investment Co Ltd, has announced plans to sell a 98.99% stake in a skyscraper in Guangzhou, Guangdong Province to affiliated Yuexiu Real Estate Investment Trust<0405> for RMB 8.85 billion or US$1.4 billion.

In a statement filed with the Hong Kong Stock Exchange, Yuexiu REIT said it will pay US$9,999 in cash and take on the rest in debt to acquire the target stakes in the Guangzhou International Finance Center, one of the world's tallest buildings, currently ranked the tenth tallest according to Council on Tall Buildings and Urban Habitat.

Yuexiu Property holds a 35.58% stake in Yuexiu REIT.

The skyscraper, which owns a gross floor area of 457,357 square meters, is expected to go into operation by the end of July 2012, with a shopping mall, luxury hotel and 58 floors of office space, as well as 1,700 car park spaces.

The hotel would be managed by Canada-based Four Seasons Hotels Inc, said a person familiar with the matter, adding that Ascott Ltd, a wholly-owned subsidiary of Singapore-based CapitaLand Ltd, would be responsible for the management of service apartments.

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