The Paper's reporter Ji Simin
Landsea Real Estate
On January 19, Landsea Green Real Estate Limited (00106. HK) announced that Landsea Properties subsidiaries intend to acquire a 100% stake in a U.S. property development company for a base purchase price of US$179 million.
Pursuant to the announcement disclosed by Landsea Properties, on January 18, 2022, Landsea Homes of Florida LLC and Landsea Homes, a non-wholly-owned subsidiary of Landsea Properties, entered into an agreement with the seller, the shareholders of seller A and relevant officers, whereby the buyer conditionally agreed to the acquisition and the seller conditionally agreed to sell all issued equity interests in the target company, Hanover Family Builders, LLC, The base purchase price is $179 million.
Upon Closing, the Target Company will become a wholly-owned subsidiary of the Purchaser and its results will be consolidated in Landsea Properties.
According to the announcement, the target company is a limited liability company incorporated in Florida, USA. The Target's business consists primarily of land acquisition and development, construction and single-family residential sales in the Central Florida and Orlando markets.
According to the announcement, the target company's consolidated unaudited financial statements prepared in accordance with U.S. GAAP on October 31, 2021, the net asset value and total asset value of the target company and its subsidiaries were approximately $51.4784 million and $147 million, respectively, and as of December 31, 2020, net profit after tax and non-recurring items was $16.3876 million.
Landsea Real Estate pointed out that the above-mentioned target companies actively explore more high-quality projects and new markets, continue to deepen their strategic layout, and improve the business pattern in the United States. Its developments are located in Central Florida and the Orlando area. The acquisition allowed Landsea Properties to strategically expand its brand into Central Florida and Orlando and increase its presence in the U.S. value-for-money residential market.
According to the official website of Landsea Real Estate, Landsea was founded in 2001 and is an international green development service provider and life operator. Its business scope has covered more than 30 major cities in China such as Beijing, Shanghai, Shenzhen, Tianjin, Nanjing, Chongqing, Hangzhou, Wuhan, Chengdu, Xi'an and Guangzhou, as well as the main first-tier gateway areas in the United States.
For the whole year of 2021, Landsea Group, together with its joint ventures and associated companies, achieved contracted sales (including entrusted development and management projects) of RMB46.524 billion, an increase of about 14% year-on-year, and a signed GFA of 2.5977 million square meters, an increase of about 13% year-on-year.
According to the sales target set by the management of Landsea Real Estate in March 2021, the sales target of Landsea Real Estate in 2021 is 50 billion yuan, and as a result, Landsea Real Estate has completed 93% of the annual sales target.
For Landsea Real Estate, due to the main layout of its real estate business in China and the United States, which was seriously affected by the epidemic in the United States in 2020, its previously disclosed information showed that Landsea Real Estate's engineering construction and housing delivery in the United States have been delayed.
As of press time, Landsea Real Estate reported HK$0.325 per share, unchanged from the previous day's closing price.
Responsible editor: Liu Xiuhao Photo editor: Zhang Tongze
Proofreader: Yan Zhang
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