[ET Net News Agency, 18 December 2019] Greentown China Holdings Limited (03900) said
its subsidiary Greentown Real Estate Group Company Limited has agreed to acquire 35% of
the total shares of Shanghai Xinhu Real Estate Development Co., Ltd. (the target company)
for an aggregate amount of RMB3.6 billion.
The target company is primarily engaged in real estate development, property management,
building materials and engineering equipment development. The parties to the agreement
intend that the acquisition will facilitate the target company in furthering the
development of the target project.
The target project is situated in Putuo District, Shanghai, and forms part of the Pearl
City Project that involves the development of residential and commercial buildings and
basements. The target project is the fourth section of Phase Three of the Pearl City
Project that consists of four sections, of which the first to second and third sections
were already completed in 2007 and 2015 respectively and have been delivered to the
owners. (RC)
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03900 GREENTOWN CHINA
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6.060 +0.720 (+13.483%) Others
18/12/2019 09:00
Greentown China (03900) to buy 35% of project company
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