Gateway Capital buys 50 pct of China's Huana Real Estate for 240 mln yuan |
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Published
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Tue, 29 May 2007 07:52
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BEIJING (XFN-ASIA) - US property fund Gateway Capital will buy a 50 pct stake in Zhuhai Huana Real Estate, wholly owned by Huafa Industrial Co (SHA 600325) through two of its subsidiaries.Huafa said in a statement filed with the Shanghai Stock Exchange that the two subsidiaries will transfer their 30 and 20 pct stakes in Huana Real Estate to Gateway Capital's wholly-owned unit GCREF Investment I, for a total consideration of 240 mln yuan.After the transaction Huafa Industrial and Gateway Capital will each control 50 pct of Huana Real Estate, the statement said.The two companies will put up a further 960 mln yuan to develop a 111,465 square meter site in southern China. Huana Real Estate owns the land, it added.(1 usd = 7.65 yuan)jianbo.wu@xfn.com
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