As a result, Tianjin Shunhua will pay Keppel Hong Da a consideration of CNY503.3 million, or $92.8 million for a 30% equity stake in Tianjin Fulong Property Development, the developer of the project.
Keppel Limited's wholly-owned subsidiary Keppel Hong Da (Tianjin Eco-City) Property Development Co has entered into an agreement to jointly develop 19 plots of land in Tianjin Eco-City Northern District, China.
The agreement, which is between Keppel Hong Da and Changzhou Fushi Real Estate Development, and Tianjin Shunhua Real Estate Construction Management, will also see the divestment of Keppel Hong Da's stake in the developer.
