C C Land Unit to Acquire 25% Stake in Holder of Property-Owning Company
C C Land (HKG:1224) unit Crystal Concept Developments agreed to acquire a 25% stake in Leading Avenue from Roman Eagles for an estimated consideration of HK$251.4 million.Crystal Concept Developments will also take up the assignment of 50% of a loan owed to the seller by the target, according to a Friday Hong Kong bourse filing.On completion, Crystal Concept Developments and Roman Eagles, each owning a 25% stake in Leading Avenue, will enter into a shareholders' agreement with Upland Eagle, which holds 50% interest in the target.The parties will determine their rights and obligations related to the operation and management of the target.Leading Avenue is an investment holding company holding Star Success International, which owns an industrial building property at Yuen Long Town Lot No. 362.The property is planned to be redeveloped into two residential blocks with certain car parking spaces and retail shops.
