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HONG KONG, Feb 3, 2015 - (ACN Newswire) - Joy City Property Limited ("Joy City Property" or the "Company", HKEx stock code: 0207) has announced its intention to acquire the entire equity interest in Zhejiang Herun Tiancheng Real Estate Company Limited ("Herun Tiancheng"), meaning the Company will officially acquire a parcel for developing Hangzhou Joy City.
Herun Tiancheng held by Shanghai Wanliang Enterprise Management Consultancy Company Limited is to be acquired at a total consideration of RMB43.76 million, which is rather favorable for the Company and rare in the market. The principal asset of Herun Tiancheng is the Land, which occupies an aggregate site area of 75,375 sq.m. Herun Tiancheng has already obtained the land use permits and the state-owned land use right certificates. The Land is planned for development into urban complexes and commercial properties. As a disclosable and a non-exempt connected transaction, the acquisition is subject to approval by shareholders at a Special General Meeting.
Management of Joy City Property said, "The Land under Herun Tiancheng, situated in one of the core districts in Hangzhou, Gongshu District, is a high-quality parcel which is limited in supply in that area. The GFA of the Land is 307,000 sq.m. and the planning of the Land is aligned with the product positioning and the business-mix requirement of Joy City. The low land price also presents potential for a strong return through the project's future development.
The acquisition represents another obtainment of quality assets from the parent company, COFCO Corporation, following its injection of nine commercial property projects (including six Joy City complexes) into the Company in November 2014. The acquisition and development of Hangzhou Joy City Project can optimize the Company's property portfolio in the Yangtze River Delta economic circle and strengthen its overall business positioning. This in turn can help enlarge the influence of its flagship 'Joy City' brand in the commercial property sector, bolster the Company's profile and consolidate its position as a leading urban complex and commercial property developer in China."
Contact:
Strategic Financial Relations (China) Limited
Ms Nan Dong Tel: (852) 2864 4811 E-mail: nan.dong@sprg.com.hk
Ms Ada Leung Tel: (852) 2114 4967 E-mail: ada.leung@sprg.com.hk
Topic: Press release summary
Source: Joy City Property Ltd
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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