Shenzhen property developer acquires Jiangxi province firms

Shenzhen Catic Real Estate (000043.SZ) subsidiary Jiangxi Catic Real Estate has paid US$39.41 million (RMB270 million) for a 67% stake in four property developers in southern China’s Jiangxi province, including Jiangxi Jiali Shangcheng Residential Development Co, the Securities Times reported. The net assets of the four firms are were worth US$58.97 million (RMB404 million). The deal gives Shenzhen Catic access to an additional 950,000 square meters of floor space for development, including 580,000 square meters for residential purposes and 370,000 square meters for commercial purposes.