First Sponsor units enter into SPA to buy Guangdong land for preliminary price of 404m yuan

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MAINBOARD-LISTED First Sponsor’s wholly owned subsidiaries have on April 25 entered into a definitive conditional sale and purchase agreement (SPA) to buy a mixed use development site in China’s Guangdong province, at a preliminary price of 404m yuan (S$81.6 million). Read more at The Business Times.

that the Guangdong site has land use rights with expiry dates of Jan 31, 2088 for residential use and Jan 31, 2058 for commercial use.

First Sponsor also said on March 4 that the property will be accounted for at an agreed commercial value of 738 million yuan, taking into account the land use rights.

 

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