Nov 28, 2019 (China Knowledge) - Sunac Southwest Group, the indirect wholly-owned subsidiary of Tianjin-based real estate developer Sunac China Holdings' (1918), has confirmed its acquisition of equity stake in two real estate firms of Global Century and Times Global.
As per the details of the deal, Sunac Southwest Group will acquire 51% equity stake in each of the two real estate firms for around RMB 15.27 bln (USD 2.17 bln). The equity will be transferred to Sunac Southwest Group from Yunnan Metropolitan Construction Investment Group.
Global Century and Times Global mainly focus in real estate development projects, and both have completed 18 projects with total gross floor area of 30.716 mln sqm in Chinese cities such as Chengdu, Wuhan, Changsha and Kunming. The operations and management of both companies will be in charge by Sunac Southwest Group following the deal.
In addition, Global Century and Times Global will be obliged to distribute profit of RMB 7.14 bln (USD 1.02 bln) to Sunac Southwest Group under the cooperation arrangement via equity transfer. Both companies will also become indirect subsidiaries of Sunac China Holdings following the deal.
Sunac China Holdings previously acquired 13 tourism projects from Dalian Wanda for USD 6.6 bln in Jul 2017.
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