Shares of Chinese developer Landsea Green Management
106,
rose after the corporate stated its Nasdaq-listed unit will purchase a Texas homebuilder for $185 million.
Shares had been up 19% in early Hong Kong buying and selling Friday, lifting the inventory into the inexperienced for the yr.
Landsea Green stated forward of buying and selling that its Landsea Homes subsidiary
LSEA,
plans to amass Texas-based household homebuilder Antares Acquisition, topic to shareholder approval. It plans to pay a base buy worth of $185 million, funded by Landsea Homes’ inside sources.
Landsea Green, which has property operations within the U.S. and China, stated the deal will assist it develop into the Dallas/Fort Worth space.
Landsea Green holds a 54% stake in Landsea Homes. Shares of the U.S. unit are up 87% over the previous 12 months.
The news follows Landsea Homes’ announcement final month that it’s increasing in Arizona with 145 new homesites.
Source web site: www.marketwatch.com
