Perennial Real Estate Holdings raises stake in Xi'an mixed-use medical hub for $18.8m

The development of the hub’s second hub is set to end by 2020.

Perennial Real Estate Holdings’ (Perennial) subsidiary, Perennial Xi’an Development 2, bought 14.7% of the shares in Xi’an Perennial East for $18.8m.

According to an announcement, Xi’an Perennial East is developing Xi’an North HSR Integrated Development's Plot 5, which is positioned to comprise mainly medical/healthcare, facilities, hotel and retail, complemented by medical-related amenities. “With earth excavation works ongoing on Plot 5, the construction is targeted for completion in year 2020,” the company added.

Xi’an North HSR Integrated Development, comprising Plot 4 and Plot 5, is Perennial’s second HSR healthcare integrated mixed-use development.

Perennial will fund the acquisition through a combination of internal cash and bank borrowings. Following the completion of the Acquisition which has taken place today, Perennial Xi’an Development 2’s stake in Xi’an Perennial East has increased from 51% to 65.7%.

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