China Overseas Land unit acquires Shanghai real estate project rights for 15.478 bn yuan

China State Construction Engineering Corporation Limited announced that its subsidiary, China Overseas Land & Investment Ltd., has acquired cooperative development rights for a real estate project in Shanghai's Xuhui district. The Fourth Board of Directors' Twentieth Meeting approved China Overseas Land & Investment Ltd.'s participation in the investment.

The acquisition involves China Overseas Property Development Group Co., Ltd., a subsidiary of China Overseas Land & Investment Ltd., partnering to jointly acquire 90% equity and related creditor's rights of Shanghai Xindongan Enterprise Development Co., Ltd. and 90% equity of Shanghai Xinbai’an Economic Development Co., Ltd. The total transaction value is approximately 15.478 billion yuan. China Overseas Property Development Group Co., Ltd. specifically acquired 50.5% equity and related creditor's rights of Xindongan Co. for 7.341 billion yuan, and 30.5% equity of Xinbai’an Co. for 812 million yuan.

The project, located in the Xuhui district's Shetuan Community, covers a total area of approximately 134,100 square meters, with a planned gross floor area of about 534,100 square meters. Its planned uses include residential housing, commercial, office, and scientific research and design. This investment aims to enhance the company's influence, leadership, and brand appeal in the Shanghai market.