evergrande 6.5 billion to buy Hengda Tuen Mun residential land
Inside Story Evergrande Real Estate (03333) entered its first presence in Hong Kong via the Company’s share purchase to Hengdian (00012) residential site in Guan Tsui Road, Tuen Mun for about HK $ 6.5 billion and a floor area of about 8,300 feet Yuan, high in July last year with the grant price more than 2 percent.
The company shares transfer price 8300
Henderson Land acquired residential land at Tung Tsui Road, Area 56, Tuen Mun for a sum of Rmb3.63 billion in June 2015 at a land par value of 4,621 sq ft per square foot. The Group previously sold the land to Evergrande through equity transfer. According to the information provided by the Land Registry and the Companies Registry, Welfare Holdings Limited, the holding company of the land, changed its directors from the former shareholders of Li Ka Shing and Feng Li Huanqiong to the relevant parties such as Lai Lixin, Chen Fen and other top executives.
The market came out with the news yesterday that the transfer of the land at a consideration of about $ 6.5 billion was based on a usable floor area of 785,000 square feet. The floor price per square foot was about $ 8,300 per sq. Ft. The Shenzhen-controlled joint venture land parcel (6,700 sq ft per square foot floor area) gained more than 24% in seven months. In this transaction, it is estimated that Hengda Bookstore will earn about 2.87 billion yuan, holding the land for about two and a half years and the price of the land by nearly 80%.
The Tuen Mun Cui Tsui Road site has been approved by the Buildings Department as early as 2016. It can build four 19 to 20 storey residential buildings and 22 three-storey houses, The grant of construction paper will provide about 1,982 units and 3 become a mini-house. Some units have a usable floor area as small as 135 square feet.
Chinese-funded real estate in Hong Kong continued its development. Many of them transferred land purchased through the secondary market. These include the purchase of about 6% equity interest in Yaosha Road, Ma On Shan last September by about $ 2.4 billion from Country Garden (02007), the cooperative development with Hong An Real Estate, Land price of about 10500 feet.