Beijing Vantone Real Estate Co Ltd has spent RMB 437 million to become sole owner of a property developer in Tianjin, which is 58% and 37% held by Shun Tak Holdings Ltd and Tianjin TEDA Group respectively, according to Tianjin Property Rights Transaction Center.
The target real estate developer, which has a registered capital of RMB 80 million, is building a commercial property project in Heping District, Tianjin.
The 9,231-square meter project will have a floor area of 64,617 sq m.
Beijing Vantone Real Estate plans to spend a total of RMB 13 billion to build a large community between Beijing and Langfang of Hebei Province at the end of next year, and the entire project will be completed in seven years, said Board Chairman Feng Lun.
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