Hong Kong-based investment holding company Huajun International has announced that its wholly-owned subsidiary has agreed to buy the entire stake in Yingkou Economic Technology Development Zone Shangfang Real Estate for $20 million.
The project development provides an investment opportunity for the group to enjoy the asset appreciation while generating stable revenue.
Yingkou currently owns a land parcel of 38,120 square meters and construction of commercial and residential property development project on the land parcel is in progress.
The company said that part of the consideration, is in the aggregate of $13.64 million, will be set off against the amount of consideration to the vendors by the transfers of six floors of the property development with a total floor area of 10,075 square meters.