By Carrie Chen
Nikkei Markets
HONG KONG (Dec 15) -- Chinese developer Agile Group Holdings said it agreed to invest 7.50 billion yuan ($1.13 billion) for a 37.49% stake in a limited partnership company that will develop three property projects in Zhongshan city in Guangdong province, where it holds a stake.
The company will, through a wholly owned unit, join hands with asset manager Kaili Yifang, financial-services provider Guosen Securities and developer Shiguang Shiye in the partnership company, which has a total registered capital of 20 billion yuan, Agile said in a filing to the Hong Kong stock exchange late on Thursday. Kaili Yifang, Guosen Securities and Shiguang Shiye will contribute 5 million yuan, 5 billion yuan and 7.50 billion yuan, respectively as capital, representing stakes of about 0.03%, 24.99% and 37.49%.
The partnership company will invest a total 136.4 million yuan towards the capital of the three joint ventures, where Agile holds ownership interests. Agile said the partnership will enable the company's three ventures to meet their financial needs for the development of their respective projects and "provide capital appreciation potential" for the group.
Agile shares fell 3.2% in Hong Kong trading on Friday.
- By Carrie Chen; Carrie.Chen@NikkeiNewsrise.com; +852 3960 5153
- Edited by V. Phani Kumar
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