New World China Land (NWCL) (00917) said it agreed to acquire the remaining 57.46% interest in Dragon Fortune Limited and shareholders' loans at HK$260 million (subject to adjustment).
Upon completion, Dragon Fortune will become an indirect wholly-owned subsidiary of NWCL.
Dragon Fortune Group is principally engaged in the operation of the Palm Island Resort project comprising golf club operation and real estate development with a site area of around 992,000 square meters and 268,000 square meters, respectively in Huiyan, Huizhou, Guangdong. The remaining developable floor area of the real estate development amounts to about 430,000 square meters. Dragon Fortune owns 100% interest in the golf club operation and 80% interest in the real estate development of the Palm Island Resort project. The remaining 20% interest in the real estate development of the Palm Island Resort project is owned by a wholly-owned subsidiary of NWCL.
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