Home > Overseas Investment News > Chinese investor acquires Flame Tree apartments for $3.25M in Spanish
Chinese investor acquires Flame Tree apartments for $3.25M in Spanish
Brief:A CHINESE investor group possibly connected to Saipan casino investor Best Sunshine has acquired the Flame Tree Terrace, one of the island’s most well-known apartment and condominium compounds.
Lease documents obtained by Variety indicated that East Gain Global (CNMI) Ltd. has acquired the Flame Tree Terrace in As Mahetok for $3.25 million.

Although East Gain Global (CNMI) Ltd. appeared to be a newly registered limited liability company, having been registered only on Nov. 24, 2014, the signee on the lease agreements on behalf of East Gain Global (CNMI) Ltd. and the assignment of lease previously signed by Best Sunshine with DFS is one and the same person: Cai Lingli.

A week ago, Variety was tipped off about the acquisition and this reporter immediately reached out to Best Sunshine for comment; however, Variety has yet to receive a response from the developer.

Meanwhile, an agreement to sign leases was signed by Cai and Western Mortgage Co. Inc. president Kazutoshi Koike on Dec. 22.

Western Mortgage Co. Inc. assigned the ground lease dated June 19, 2013.

The assignment is about 2,446 sq. m.

“Assignor hereby agrees to assign to Assignee [East Gain], or Assignee’s designee as the case may be, the leases and the certain leasehold interest in the real property…,” the assignment agreement states.

The parcels of property include a two-story commercial building and a 40,000 sq. ft. building area consisting of six three-bedroom, two-story houses; four four-bedroom houses; one two-bedroom house; 20 two-bedroom apartments; nine one-bedroom apartments; one two-bedroom managers house; and a two-story, four-bedroom, two-bath house and storage room.

East Gain Global (CNMI) Ltd., the agreement states, will pay Western Mortgage Co. Inc. a total of $3.25 million: a $162,500, deposit; and $3,087,000 upon closing date.
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