Ying Li sells Chongqing ICC project to unit of China Evergrande as part of $672 mil deal

Ying Li sells Chongqing ICC project to unit of China Evergrande as part of $672 mil deal

By: 
PC Lee
28/11/17, 08:09 am

SINGAPORE (Nov 28): Ying Li International Real Estate, the China‐based developer, has agreed to sell its entire stake in a mixed developement project in the CBD of Chongqing city as part of a RMB3.29 billion ($672 million) deal.

Shengyu (BVI), which is part of the China Evergrande Group, is buying Ying Li’s entire equity interest in its direct wholly‐owned subsidiary Shiny Profit Enterprises, which in turn owns the entire equity interest in Chongqing Yingli Shiny Profit Real Estate Co.

Chongqing Yingli Shiny Profit owns the Ying Li International Commercial Centre project, formerly known as Ying Li Financial Street project, a premium integrated project currently under construction which is located in Chongqing’s core central business district of Jiefangbei and comprises two office tower blocks and a six‐storey retail mall.

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As part of the overall deal, Ying Li will also transfer to Shengyu a separate parcel of land in Chongqing not connected to the project at the same price the group currently values the land under its ongoing the land acquisition process. The land parcel transfer is expected to cost Ying Li RMB520 million.

In turn, Shengyu will repay the outstanding inter‐company loans extended by Ying Li to Shiny Profit and Chongqing Yingli Shiny Profit.

Shengyu will also assume all the existing liabilities in Shiny Profit and Chongqing Yingli Shiny Profit amounting to RMB898 million in total.

Ying Li says the disposal deal will speed up the capital recycling process and enable it to pursue new ventures and investment opportunities in Tier 1 and fast‐growing Tier 2 cities in China.

Shares in Ying Li closed at 15 cents on Monday.

 

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