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Shares of Chinese developer Landsea Green Management
106,
rose after the company said its Nasdaq-listed unit will buy a Texas homebuilder for $185 million.
Shares were up 19% in early Hong Kong trading Friday, lifting the stock into the green for the year.
Landsea Green said ahead of trading that its Landsea Homes subsidiary
LSEA,
plans to acquire Texas-based family homebuilder Antares Acquisition, subject to shareholder approval. It plans to pay a base purchase price of $185 million, funded by Landsea Homes’ internal resources.
Landsea Green, which has property operations in the U.S. and China, said the deal will help it expand into the Dallas/Fort Worth area.
Landsea Green holds a 54% stake in Landsea Homes. Shares of the U.S. unit are up 87% over the past 12 months.
The news follows Landsea Homes’ announcement last month that it is expanding in Arizona with 145 new homesites.
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