By Singapore Newsroom
SINGAPORE (Jul 11) -- CWG International, a Singapore-based real estate developer and asset management company, said Tuesday its subsidiary has acquired a 70% stake in Xuancheng Xinkaiyuan Real Estate Development for 107.73 million yuan ($15.84 million).
Xuancheng Xinkaiyuan Real Estate owns a land in the Xuancheng Economic Development Zone in China's Anhui province for residential development, which has a site area of 61,718 sq meters with a plot ratio of 1.5, CWG International said in a stock exchange filing. The net tangible asset value of Xuancheng Xinkaiyuan as at Dec. 31 is 46.74 million yuan.
"The company expects to launch the project in December 2017 and deliver the project in January 2019", CWG International said.
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