Hong Kong investor buys stake in Beijing development project
Hong Kong–based Joy City Property Ltd., through its subsidiary Xidan Joy City, has acquired a 35 percent stake in Beijing Kunting Assets Management Co. — which is responsible for the development of the Andingmen Project in Beijing — from controlling shareholder COFCO Corp. for HK$690 million ($89.1 million). Kunting Assets Management Co. will retain the remaining 65 percent.
Beijing Kunting Assets Management was principally engaged in management and development of the Andingmen Project. The development project will be completed in 2017.
The Andingmen Project is located in the prime area adjacent to the Second Ring Road in Dongcheng District of Beijing and is at the preliminary stage of construction. In consideration of the strategic location and enormous potential of the Andingmen Project, it is expected to achieve better financial return upon completion of the project.
Earlier this year, Joy City acquired a 50 percent stake in a six-acre site in Shanghai for $192.8 million. The total property value of the development site was approximately $385.7 million. And in February, Joy City acquired 18 acres in Hangzhou for $399.97 million.