BRIEF: Yuexiu returns Jinan University land to Guangzhou LDC for 5 billion yuan
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
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