Lander Sports Development Co. Ltd is planning to sell commercial properties in the Gongshu District of Hangzhou for CNY528.2m (USD83.57m) through a deal between one of its wholly-owned subsidiaries and Shangrao City State-owned Assets Management Group.
Lander said this move aims to recover their funding in the establishment of sports towns and sports complexes. According to the official announcement, the properties to be sold, with an area of 17,606 square meters, include Floor 5 to 13 of Building No. 1 and Floor 2 to 13 of Building No.2 at the Juzhen International Center (Chinese: 矩阵国际中心).
This is not the first time for Lander has sold off real estate assets since the company sold 54 commercial properties in Hangzhou and Nantong for CNY208m (USD33.15m) in August 2017.
Commenting on the recent two deals, Lander said the move would help “further carry out their ‘space plus content’ commercial model”.
On February 13, Lander Sports announced a deal with Chongqing Liangjiang New Area Development and Investment Group, aiming to develop sports and lifestyle towns in local areas. Meanwhile, Lander Sports is also focusing on 3 sports town projects in Hangzhou City of Zhejiang and Pengzhou City of Sichuan.
Proofread by William Logsdon