China Fair Land will acquire the entire issued share capital of Amazing Wise for something just short of US$400 million.
Amazing Wise’s only asset is Dalong Industrial Group, which in turn owns a 95%stake in Fujian Zhonglu Real Estate Development and an office unit in Hong Kong.
China Fair Land, a China-based property developer said that Fujian Zhonglu Real Estate Development owns a vacant lot with an site area of 23,134 square meters in the financial district of Fuzhou (the city seen in the illustration looking most impressive), the capital of Fujian province in southeastern China.
Fujian Zhonglu Real Estate Development will develop the lot into a residential and commercial project with a total gross floor area of 225,784 square meters.
Trading markets reports China Fair Land said piling work on the project started in August of this year and the superstructure work is expected to start in mid 2008.
It said that the project, upon completion, will comprise of one 32-storey office building and three 36-storey residential buildings on top of a 7-storey commercial podium.