Hong Kong-based Winnington Capital has made a RMB2 billion ($272 million; €200 million) investment in Rightchina, which is undertaking a high-rise property development in Chongqing, China.
The deal comprised a 25 percent stake in Rightchina for $136 million, and another 25 percent in the form of an irrevocable call option at an exercise price of $136 million.
Rightchina is a wholly-owned subsidiary of Score High, a subsidiary of Shui On Land Limited, a Hong Kong-listed real estate development company.
The investment was made from Winnington’s Trophy Property Fund, launched in April this year. The fund invests in city core and mixed-used developments, and targets “large-scale, master-planned” developments of up to 30 million square feet, according to Eddie Wong, Winnington chief executive officer.
In May, the fund struck a similar deal with Foresight Profits, a property investment company undertaking property development in Shanghai. It invested $324 million in Foresight for a 25 percent stake worth $162 million, and another 25 percent in the form an irrevocable call option at the exercise price of $162 million. Minter Ellison acted for Winnington on both transactions.
Winnington Capital could not be reached for comment by press time.
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