Dec. 22, 2009 (China Knowledge) - Glorious Property Holdings Ltd has announced that it intends to purchase all the issued shares of Highest Reach as well as HK$387 million worth of shareholder loans from Sparkle International for a total of HK$1.31 billion or RMB 1.15 billion, sources reported.
Highest Reach currently has a 70% stake in a mixed-use piece of land in South Tianjin. The parcel covers an area of 1.2 million square meters. The Hong Kong-listed firm will build villas and high-end apartments with a low building coverage rate on the site.
Reportedly, Glorious Property Holdings has started selling apartments in Block One in its only Beijing project, which is located in Haidian District and has a floor area ratio of 1.63. Each apartment in Block One has an area of between 140 sq m to 150 sq m and has three or four bed rooms.
The entire project covers a land area of 60,000 sq m and has a gross floor area of 130,000 sq m.
