Kinetic Development Acquires Property Developer in Property Swap Deal

MT Newswires Live07-09

Kinetic Development Group (HKG:1277) unit Shanxi Kinetic Yingtong Real Estate Development completed the acquisition of Taiyuan Seedland Taijing Real Estate Development from the Seedland group following regulatory approval, according to a Thursday Hong Kong bourse filing.

The Hong Kong-listed developer had initially entered agreements in 2022 to acquire a portfolio of properties from Seedland.

In December, it signed a supplemental agreement to give up the unregistered properties and instead acquire Taiyuan Seedland Taijing Real Estate Development, a Chinese real estate developer.

Following acquisition completion, a prepayment of 803 million yuan made by Kinetic Development unit Kinetic (Qinhuangdao) Energy Group for the purchase of the properties has been fully offset, the filing said.

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