Keppel Land China to buy property in China's Silicon Valley

The company will pay $35.1m in the equity transfer agreement.

Keppel Land China will acquire 100% of the equity interest in Beijing Shunxiangren Enterprise Management Co., Ltd. which indirectly owns a completed commercial property located in “China’s Silicon Valley,” according to a press release.

Also read: Keppel beefs up Chinese footholds as cooling measures dim Singapore prospects

The real estate company entered an equity transfer agreement with Ningbo Jiasheng Yuecheng Investment Management Center and Beijing Hanhe Investment Management Co., Ltd.

Keppel Land China will pay around $35.1m (RMB178.6m), of which about S$4.1m (RMB20.9m) will be paid for the acquisition of 100% equity interest in Beijing Shunxiangren, subject to completion adjustments.

The remaining amount at $31m (RMB157.7 m) will be extended as a loan to Beijing Shunxiangren to repay its debts.

Located in Zhongguancun, Beijing Shunxiangren’s Shangdi Neo has about 4,241 sm net leasable area. Upon completion of upgrading works, the five-storey development will be fully occupied by coworking operator Distrii.

The property has access to Jingxin Expressway and located near Xi'erqi Station, an interchange station between Metro Line 13 and the Changping Line on the Beijing Subway.

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