(Yicai Global) Jan. 19 -- Two affiliates of China's Landsea Green Properties intend to purchase Florida-based real estate developer Hanover Family Builders for USD179 million to increase their market share in the southeastern American state.

Landsea Homes of Florida and Landsea Homes have signed an agreement with Delaware-registered SAM Building Partners and Edge Creek Ventures to buy 100 percent of Hanover Family Builders, the Hong Kong-based parent said in a statement today.

Hanover Family Builders is a seller of residential buildings in Central Florida and Orlando. It earned USD16.4 million in annual net profit, excluding taxes and nonrecurring items, as of Dec. 31, 2020.

The acquisition will enable Landsea Green to strategically expand its business to Central Florida and Orlando while raising its market share in the American cost-effective housing market, said the buyer.

Formed in Nanjing in 2001, Landsea Green does business in more than 30 Chinese cities, including Beijing, Shanghai, and Shenzhen. It is also active on the US market, according to its website.

Shares of Landsea Green [HKG: 0106] climbed 1.5 percent to HKD0.33 (4 US cents) in the afternoon.

Editor: Emmi Laine, Xiao Yi