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Chinese firm snaps up $49.2M in local assets

| Publication date 15 December 2016 | 07:23 ICT

Chinese firm snaps up $49.2M in local assets

Shanghai-listed Guangzhou Yuetai Group will purchase $49.2 million in assets in Cambodia by buying a 45 percent stake in a local property development firm and a 19 percent stake in a Cambodian import-export company, the company said in a filing yesterday.

It did not reveal the identities of the two companies. Guangzhou Yuetai Group, which has over $1.2 billion in registered assets, operates in Cambodia under its Hong Kong-based subsidiary Eastland Development (HK) Ltd.

Eastland is developing three properties in Cambodia with a total investment capital of $60 million, and has announced plans to list on the Cambodia Securities Exchange (CSX).

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