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Yuexiu Venture Buys Wuhan Land in China for $1.5 Billion

Sept. 13 (Bloomberg) -- Yuexiu Property Co., a real estate developer controlled by the city government of Guangzhou, China, said its unit’s joint venture bought land in Wuhan for 9.01 billion yuan ($1.5 billion).

Guangzhou City Construction & Development Group Nansha Co., 95.5 percent-owned by Yuexiu, paid 20 percent of the 2 billion-yuan deposit for the site and will take an 8 percent stake in the project company, according to a Hong Kong stock exchange filing yesterday.

Yuexiu’s venture partner, Guangzhou Yuexiu Renda No. 4 Business Investment Enterprise LP, paid the balance of the deposit and will own 92 percent of the project company, Yuexiu said. Yuexiu’s parent owns a 49.7 percent stake in Yuexiu Renda, according to the filing.

The venture can build 956,657 square meters (10.3 million square feet) of residential and commercial floor area on the 147,240 square-meter site in Wuhan’s Jianghan district, according to the filing and a separate e-mailed statement. Wuhan is the capital of central China’s Hubei province.

To contact the reporter on this story: Joshua Fellman in New York at jfellman@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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