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CityDev and Vanke to jointly develop and manage two Chongqing projects

Property

CityDev and Vanke to jointly develop and manage two Chongqing projects

PC Lee Published on Thu, Nov 02, 2017 / 5:33 PM GMT+8

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SINGAPORE (Nov 2): City Developments’ China subsidiary is partnering China Vanke Co. to develop and manage two Chongqing projects.

CDL China partially divested 70% of Chongqing Huang Huayuan and 50% of Eling Residences to a subsidiary of Vanke, Chongqing Longdao Industry Co., for a total consideration of RMB 986 million ($202 million).

Following the partial divestment, CDL China continues to retain a 30% and 50% equity stake in Chongqing Huang Huayuan and Eling Residences respectively for future upside.

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