Yuexiu Property to Invest 459 Million Yuan in Hangzhou Development

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Yuexiu Property (HKG:0123) said its subsidiary Hangzhou Yile will invest 459 million yuan to take a 51% effective interest in Hangzhou Binshu Real Estate Development, according to a Tuesday Hong Kong exchange filing.

Hangzhou Yile and Hangzhou Binjiang will subscribe for 459 million yuan and 391 million yuan, respectively, to raise the registered capital of Hangzhou Binman Real Estate Development to 900 million yuan from 50 million yuan.

Upon completion, Hangzhou Yile and Hangzhou Binjiang will hold effective interests of 51% and 49%, respectively, in Hangzhou Binshu.

Hangzhou Binshu was established as the project company to develop a land parcel won by Hangzhou Binman for a total land premium of 1.81 billion yuan.

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