CRL acquires CRH subsidiaries

China Resources Land (CRL) is picking up four subsidiaries from its own controlling shareholder, China Resources Holdings (CRH) in four separate deals worth an aggregate CNY 2.56 billion (USD 361.50 million). The property investor has always been focused on developing and managing real estate and replenishing its land bank in the mainland. All four subsidiaries slated for transfer each have projects located in the municipality or sub-provincial cities of Shenyang, Beijing, Ningbo and Shenzhen. The developments “enjoy advantages in the transportation network of the cities” and are “supported by residential or commercial neighbourhoods with immense potential for growth”, CRL said. It added the projects “will strengthen the market share and competitiveness of the company” in China in the long-run. CRL is carrying out the separate acquisitions via four different wholly-owned subsidiaries. In the first instance, Hong Kong-incorporated View Good Investment is taking over China Resources Vanguard Shenyang Land from CRH’s China Resources Vanguard Hong Kong for CNY 1.30 billion. Secondly, Grace Peak Investment is acquiring Runxin Land Beijing from Hong Kong Runxin Beijing Investments for CNY 497.00 million. Thirdly, Well Circle Investment will pick up Ningbo Qianhu Ledu Land from Runxin Marlborough HK for CNY 238.00 million. Finally, Super Honour Development is acquiring shopping centre developer China Resources Vanguard Shenyang from Ting Cao CI Holding for CNY 523.00 million. State-owned CRH owns about 59.6 per cent of Cayman Islands-incorporated CRL, which is focused on the development, investment and management of properties, the operation of hotels and the provision of construction. China Resources Vanguard Shenyang owns a mixed-use residential and shopping mall project located in the core district of Changbai Island of Shenyang, the largest ecological island in northern China. Runxin Land and Ningbo Qianhu Ledu Land each own a retail centre property development, one based in Beijing’s Chaoyang district and the other in Ningbo’s Songzaoqiaocun, Yinzhou district, respectively. © Zephus Ltd

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