Keppel Land China sells stake in Jiangyin site for $94.5m
It is expected to be completed in Q3.
Keppel Land China (KLCL), is divesting 100% of the equity interest in Jiangyin Evergro Properties (JEP) to Aoyuan Group Chongqing Property Company for $94.5m (RMB473.5m), according to a press release.
JEP owns a residential and commercial mixed-use site located in Jiangyin, China. KLCL’s subsidiaries Third Dragon Development (TDD) and Shanghai Merryfield Land (SML) hold 44.3% and 55.7% of the equity interests in JEP, respectively.
Of the amount, $55.6m (RMB278.8m) will be paid to TDD and SML as consideration, whilst $38.9m (RMB194.7m) will be paid to an affiliate of KLCL to repay an existing loan extended to JEP.
The payment will be made in cash in two tranches, with final payment expected to take place in Q2 2020. The completion of the divestment is expected to take place in Q3.