CWG International said it has acquired a 60 per cent stake in Suzhou Xinglun Tourism, owner of the Suzhou Ferris Wheel Theme Park, for RMB197.2 million.
Post-acquistion, CWG will own two plots of land with a total estimated gross floor area of 75,797sqm to develop a landmark integrated development. The project will comprise of serviced apartments, premium residential units and retail space.
The first plot of land with an estimated GFA of 15,000 sqm, fully utilised for the development of retail units, will include a lifestyle fashion zone as well as tourism space linked to the Suzhou Ferris Wheel. This project is expected to be completed by 2021.
The second plot of land with an estimated GFA of 60,797 sqm will be used for the development of 202 serviced apartments, 96 luxurious residential apartments and some retail units. This is expected to be completed by 2019.
The vendor of the transaction was Suzhou Industrial Park Business Travel Development Co. and the consideration was fully satisfied in cash and was funded from the company’s internal resources.