Jiayuan invests RMB 2.6 billion to invest in Wangwang Property

Hong Kong’s property market is hot, and mainland real estate companies are eyeing the Hong Kong market. Mainland property stocks Jiayuan International (02768) announced that it has purchased 70.1% of three properties, including Tuen Mun Jingyi, from experienced investors, “Plane King” Deng Chengbo, and has invested more than RMB 2.6 billion for the first time in the Hong Kong property market.

This time, Jiayuan International has acquired 3 project properties held by Deng Chengbo, and only Jingye is a residential project. The total GFA of the property is approximately 148,000 sq. ft., and it is expected to obtain occupation permits at the end of the year; as for the former No. 1 and No. 3 of Tuen Mun Xinheli, The industrial building has been reactivated as a commercial building early this year, while the successful center in Kwai Chung is an industrial building.

Good Source International pointed out that the Group has been actively looking for strategic partners to seek opportunities to enter the Hong Kong property market. The three projects mentioned above are the opportunities to enter the Hong Kong real estate market and will further develop the Hong Kong market.

Deng Chengbo’s son and chairman of the Stan Group Deng Yaosheng said that the cooperation with Jiayuan International has been negotiating for some time. In the future, the above three properties will jointly formulate a development plan, in which Jing Hao has not yet decided whether to sell or not. The Group still has the right to find other properties for Jiayuan International and has the opportunity to strengthen cooperation, but it will not set up a consortium to invest in the development.