UOL unit, China Jinmao wins tender for Shanghai residential site

The acquisition will expand UOL’s development footprint in China.

UOL unit Qin Rui Jia (Shanghai) Realty Co (QRJ) and China Jinmao Holdings Group (JM) have won a tender for a residential site in Hong Kou district, Shanghai for $1.66b (RMB8.96b).

The partners secured the 19,319 sq m site on a 10:90 basis through a government land sales tender which closed on 20 February.

The acquisition will expand UOL’s development footprint in China and will be financed from existing funds, external borrowings, and proportionate shareholders’ loans.

QRJ is a wholly owned subsidiary of Shanghai Jin Peng Realty, a 40:30:30 joint venture of UOL Capital Investments (UCI), Singland China Holdings, and Peak Star, a unit of Kheng Leong Company (KLC).

UCI will contribute $66.40m (RMB358.57m) towards the tender price for the site, corresponding to its indirect 4% interest in the joint venture.

The acquisition of land use rights and site development will be carried out by a joint venture company to be established in China by QRJ and JM on a 10:90 basis, subject to regulatory approvals.

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