Richly Field China Development (00313) said it agreed to acquire 60% equity interest in King Future Limited and debt at Rmb20 million.
Besides, JeShing Real Estate Group Company Limited, an associate of the substantial shareholder, agreed to grant to Richly Field a reviving loan facility in the total principal amount of Rmb300 million for a term of three years at a simple interest rate of 5% per annum, in order to finance the acquisition and strengthen the financial position of the Group.
King Future indirectly holds the entire equity interest in Qinhuangdao Outlets Real Estate Co., Ltd, which is principally engaged in the property development in Qinhuangdao, Hebei Province. Qinhuangdao Outlets obtained state-owned construction land use rights of land parcels in the total area of about 1,077 mu located at the Golden Coast of Changli County in Qinhuangdao. Qinhuangdao Outlets plans to develop on it a large-scale seaside, self-contained holiday complex consisting of shopping, tourism,
leisure, holiday and residential elements in one.
Trading in shares of Richly Field will be resumed this morning.
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