Chinese property developer Sunac China said it has entered into agreements with Rongfeng Company to transfer 100% equity interests in Zhenhuafu Project Company and Wangjinsha Hotel Project to Rongfeng or its designated party, at an aggregate consideration of 499.464 million yuan, to settle the repayment of the debts owed to Rongfeng.
In addition, Sunac will sell 100% equity interests in Xiuchang Hotel Project Company to Rongfeng or its designated party at a consideration of 730 million yuan in order to settle the repayment of the existing debt of the Xiuchang Hotel Project in Hefei and the investment of the funds required for its subsequent development and construction, it said.
The Xiuchang Hotel Project will continue to be developed and constructed by Sunac until the delivery criteria are met, it said.