0123.HK

Yuexiu Property Co. Ltd. (0123.HK) announced that it will return a land parcel north of Guangzhou Jinan University to the Guangzhou Land Development Center for a price of 5 billion yuan ($702 million), to be paid in an equivalent amount of notes payable. Yuexiu said it can use the notes towards the purchase of land in Guangzhou’s Panyu District within one year.

The land parcel near Jinan University covers an area of ​​more than 91,000 square meters and was purchased by Yuexiu in 2021. It is designated mainly for commercial and residential uses. The pricing of this transaction will result in a loss of 1.74 million yuan for Yuexiu.

By Lau Chi Hang

To subscribe to Bamboo Works free weekly newsletter, click here

Recent Articles

BRIEF: WH Group to sell down Smithfield stake

Pork producer WH Group Ltd. (0288.HK) announced on Wednesday that its wholly owned SFDS UK Smithfield unit will sell 16 million shares of its U.S.-based Smithfield Foods Inc. (SFD.US) subsidiary…
Noah does wealth management

Noah finds second life in overseas voyage

The wealth manager’s international businesses drove it back to revenue growth in the second quarter as challenges continued to linger at home Key Takeaways: Noah Holdings’ overseas revenue increased about…