Shares of Chinese developer Landsea Green Management saw a rise in value after the company announced plans for its Nasdaq-listed unit to acquire a Texas homebuilder for $185 million. This development has sparked a 19% surge in shares during early Hong Kong trading on Friday, pushing the stock into positive territory for the year.
Landsea Homes, a subsidiary of Landsea Green, shared its intention to purchase Antares Acquisition, a Texas-based family homebuilder, pending approval from shareholders. The acquisition comes with a base purchase price of $185 million, which will be financed by Landsea Homes’ internal resources.
With property operations in both the U.S. and China, Landsea Green aims to utilize this deal to expand its presence in the Dallas/Fort Worth area.
As it stands, Landsea Green owns a 54% stake in Landsea Homes. Notably, shares of the U.S. unit have experienced an impressive 87% increase over the past 12 months.
This news follows Landsea Homes’ recent announcement about its expansion plans in Arizona, including the addition of 145 new homesites.
