Nona Morelli’s II to Buy Chinese Properties

Nona Morelli’s II Inc. entered into an agreement with Silver Faith Development Ltd. to purchase three buildings in Beijing’s Peony Garden commercial and residential real estate development for $21 million.

The Irvine leisure and entertainment holding company said the three buildings contain about 250,000 square feet of rentable space comprising more than 100 residential units. Based on projected rent schedules, the company said it expects to receive more than $4 million in annual rental revenue from the buildings.

Nona Morelli said construction on Phase I of the project, including the three buildings being acquired by the company, should be completed by September 1996.