{"id":107371,"date":"2019-05-22T13:30:16","date_gmt":"2019-05-22T06:30:16","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-sponsor-subsidiary-completes-acquisition-of-stake-in-guangdong-site\/"},"modified":"2019-05-22T14:03:57","modified_gmt":"2019-05-22T07:03:57","slug":"first-sponsor-subsidiary-completes-acquisition-of-stake-in-guangdong-site","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-sponsor-subsidiary-completes-acquisition-of-stake-in-guangdong-site\/","title":{"rendered":"First Sponsor subsidiary completes acquisition of stake in Guangdong site"},"content":{"rendered":"


\nIt now has a 60 percent share in Concord Focus Development. Image source:\u00a01st-sponsor
\nFirst Sponsor\u2019s fully-owned unit, Wenjiang (BVI), has completed the acquisition of 60 percent share in Concord Focus Development, reported The Business Times.
\nConcord owns a mixed-use development site, comprising three land parcels with a combined area of 36,405 sq m, in China\u2019s Guangdong province.
\nOn 25 April, First Sponsor said the preliminary price for the entire stake in Concord was 404 million yuan ($81.6 million), under a definitive conditional sale and purchase agreement (SPA) inked last month.
\nIt added that the actual price of the 100 percent acquisition would be equal to Concord\u2019s adjusted consolidated net asset value and its fully-owned unit, Dongguan Kanghe Property Management Consulting Services, at the date of completion of the acquisition.
\nConcord, Dongguan Kanghe and three individuals who together own all of the shares in Concord entered into the SPA with another fully-owned unit of First Sponsor, FS Dongguan No 9 Investment Consultancy (FS No 9), last month.
\nThe SPA provided that FS No 9 and\/or other parties nominated by FS No 9 from the three individuals will acquire 100 percent of Concord shares, subject to First Sponsor retaining a controlling interest in Concord following the acquisition.
\nOn 4 March, First Sponsor revealed plans to jointly develop the property for commercial and residential use with the third-party purchaser.
\nIt said that the Guangdong site has land use rights that are set to expire on 31 January 2058 for commercial use and 31 January 2088 for residential use.
\nIn a recent SGX filing, First Sponsor shared that the remaining 40 percent of Concord shares have been purchased by Masaoka Realty Investment (HK) Limited (MRL), an unrelated third party that was designated to be one of the buyers as per the SPA.
\nFirst Sponsor noted that MRL is a private investment vehicle of a high-net-worth individual.
\nCheck out PropertyGuru\u2019s\u00a0properties for rent!\u00a0Alternately, refer to our other\u00a0handy rental guides,\u00a0or read more about\u00a0the hottest areas to live in with PropertyGuru\u2019s AreaInsider.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…First Sponsor subsidiary completes acquisition of stake in Guangdong site<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It now has a 60 percent share in Concord Focus Development. Image source:\u00a01st-sponsor First Sponsor\u2019s...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-107371","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-rVN","jetpack-related-posts":[{"id":59869,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vanke-trading-suspended-for-guangdong-trust-acquisition\/","url_meta":{"origin":107371,"position":0},"title":"Vanke trading suspended for Guangdong Trust Acquisition","date":"July 5, 2017","format":false,"excerpt":"\r China Vanke confirmed on Wednesday it is buying certain assets of Guangdong International Trust Investment Corporation and has requested its shares in Hong Kong be suspended from trading, pending further details of the deal. 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