Ping An acquires stake in $1.23b project in China

Ping An Insurance Group Co. has acquired a 49 percent stake in the Xing Hui Yun Cheng development site in China from Yuexiu Property Co. The sales price is $600 million and the total value of the project is approximately $1.23 billion.

The site is located at the Hongyun Chemical Painting Factory, South China Expressway, Tonghe Village, in the Baiyuan District of Guangzhou in China’s Guangdong Province.

When completed, the large-scale, mixed-use residential and commercial project will comprise 30 blocks of high-rise bungalow flats, a large shopping area, an exclusive clubhouse and a first-class school. The project is currently under construction and expected to be completed in 2022.