Hong Kong Developer Drops $40 Million On Stake In Capital At Brickell

Oct 14, 2015 No Comments by

Yet another Chinese developer is getting in on the Miami property development boom.

Chun Wo Development Holdings Limited, headquartered in Hong Kong, acquired a 45% stake in the Capital At Brickell development site earlier this month for $40 million.  Mainland China-based China City Construction was the seller.

The transaction values the property at $88.88 million, an increase in value of 19% compared to the most recent sale. Last December, China City paid $74.74 million for the property.

The number 8 is regarded as a lucky number in China, while 4 is considered unlucky.

Chun Wo and China City have jointly agreed that the land will be used to build a 3.2-million-square foot development.

Chun Wo is a publicly-traded company in Hong Kong. The company financed the purchase using internal funds.

The transaction was structured so that a Chun Wo subsidiary purchased a stake in China City Construction (International) Co., whose only asset is the Capital at Brickell property. Previously, the company was a wholly-owned subsidiary of China City Construction.

 

Source:  The Next Miami

 

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