Yet another Chinese developer is getting in on the Miami property development boom.
Chun Wo Development Holdings Limited, headquartered in Hong Kong, acquired a 45% stake in the Capital At Brickell development site earlier this month for $40 million. Mainland China-based China City Construction was the seller.
The transaction values the property at $88.88 million, an increase in value of 19% compared to the most recent sale. Last December, China City paid $74.74 million for the property.
The number 8 is regarded as a lucky number in China, while 4 is considered unlucky.
Chun Wo and China City have jointly agreed that the land will be used to build a 3.2-million-square foot development.
Chun Wo is a publicly traded company in Hong Kong. The company financed the purchase using internal funds.
The transaction was structured so that a Chun Wo subsidiary purchased a stake in China City Construction (International) Co., whose only asset is the Capital at Brickell property. Previously, the company was a wholly owned subsidiary of China City Construction.