China Merchants Land has agreed to buy Wharf's 50% stake in Foshan Yiyun Real Estate for RMB937.68m, taking full ownership of the joint venture.
Deal terms and financing
Guangzhou China Merchants Property, an indirect wholly owned subsidiary, will also take over Wharf Estates (Guangzhou)'s RMB185.12m of loans to the project companies and assume RMB1.008bn that Wharf Guangzhou owes the target. That leaves a net cash payment of RMB114.89m. The price was set with reference to the target's net assets at 31 December 2025 and a preliminary valuation of the stake.
Market context
China Merchants Land published the announcement voluntarily. Foshan Yiyun will become an indirect wholly owned subsidiary when the deal completes.
In the rankings
