Lai Fung Holdings Ltd. completed the acquisition of remaining 5% stake in Shanghai Hu Xin Real Estate Development Co., Ltd from Tibet Urban Development and Investment Co., LTD.
January 30, 2015 at 11:00 pm EST
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Lai Fung Holdings Ltd. (SEHK:1125) is selected as preferred bidder to acquire 5% stake in Shanghai Hu Xin Real Estate Development Co., Ltd from Tibet Urban Development and Investment Co., LTD (SHSE:600773) for CNY 43.8 million in cash on January 4, 2015. On January 7, 2015, Lai Fung paid a total amount of CNY 13.13 million, being 30% of the open tender price, as the deposit. The remaining consideration of CNY 30.64 million will be paid within five business days after the date of entering into equity transfer agreement. The equity transfer agreement is expected to be entered into on or before February 11, 2015. On completion, Lai Fung Holdings Ltd. will wholly own Shanghai Hu Xin Real Estate Development Co., Ltd.
Shanghai Hu Xin recorded an unaudited net profit (before and after taxation and extraordinary items) of HKD 336.39 million (CNY 267.56 million) and HKD 311.23 million (CNY 247.55 million) and unaudited net assets of HKD 909.39 million (CNY 723.31 million) for the year ended July 31, 2014. Completion of acquisition shall take place upon completion of the relevant regulatory procedures. The conversion has been made through www.oanda.com on July 31, 2014.
Lai Fung Holdings Ltd. (SEHK:1125) completed the acquisition of remaining 5% stake in Shanghai Hu Xin Real Estate Development Co., Ltd from Tibet Urban Development and Investment Co., LTD (SHSE:600773) in January 2015.
Tibet Urban Development and Investment Co Ltd is a China-based company mainly engaged in real estate development and sales. The Company's main business includes real estate development and sales, guest room catering and merchandise sales. Real estate products involve a variety of property types such as affordable housing, ordinary residences, and commercial office buildings. The main products of the issuer's residential real estate development business are affordable housing and various types of commercial housing, including mid- and high-rise housing, low-density low-rise housing. The issuer's commercial real estate development business is mainly engaged in the development and operation management of commercial office buildings and commercial complexes. Its real estate products are mainly sales, supplemented by leasing, and partially held and operated.
Lai Fung Holdings Ltd. completed the acquisition of remaining 5% stake in Shanghai Hu Xin Real Estate Development Co., Ltd from Tibet Urban Development and Investment Co., LTD.