China developer acquiring Spirit World
Guangzhou property developer China Yuanbang Property Holdings is acquiring Spirit World Holdings, one of the joint venture partners of its Aqua Lake Grand City project in Nanchang City, Hongjiaozhou for 200 million yuan (S$39 million).
On completion of the proposed acquisition, Spirit World will become an indirect wholly owned subsidiary of the group, which will in turn indirectly hold a 51 per cent stake in New Zhong Yan (Nanchang) Real Estate Development. The latter is another joint venture partner in the Aqua Lake development and holds the development site area of 193,380 square metres, valued at over 400 million yuan. Read more
