[ET Net News Agency, 14 September 2018] GOME Retail (00493) said its wholly-owned
subsidiary Beijing GOME Anxun Technology has agreed to purchase all of the equity
interests in GOME Holdings Group Guangzhou from Pengrun Holdings at the consideration of
RMB603.38 million.
The target company is principally engaged in investment holding and management and
property development. The target company and its wholly-owned subsidiary, Guangzhou
Pengkang, own 75% and 25% interests, respectively, in a property development project
located at Zone A of Pazhou District, Guangzhou, the PRC.
The project has a site area of 9,380 square meters, with a planned construction area of
82,000 square meters. Of which, 49,000 square meters will be for office use and 33,000
square meters will be for commercial or retail purpose. It will be built as a landmark
experiential store of the group in Guangzhou region and a headquarter office for the group
in Southern region, as part of the "Home . Living" strategic goal of the group.
The site preparation work for the project is underway and is expected to be completed in
late 2021. (SC)