Gemdale in $1.27b deal for six mainland projects

Gemdale Properties and Investment Corp (0535) yesterday said it has purchased six projects from its parent for HK$1.27 billion.
The six sites in five cities – Shenyang, Xian, Ningbo, Tianjin and Beijing – have a combined gross floor area of 1.5 million square meters and will be developed into residential properties.

The purchase price will be paid in shares to the parent company, Gemdale Corp.

Each share will be issued at 96 HK cents, or a discount of 9.43percent to Friday’s closing price.