South China (China) (00413) said it entered into equity transfer agreements with Nanjing Assets and Equity Exchange for the acquisition of all the minority stakes in three subsidiaries at Rmb34.9 million.
The subsidiaries, all being property holding companies, hold certain properties at Nanjing, mostly for rental income.
The transactions enable South China to take full control of the subsidiaries that allows the Group the sole discretion in formulating business plans and strategies for the property leasing operations in terms of tenant portfolio, rental yield required, renovation plan or otherwise. In the long run, this will add further benefits should opportunity to redevelop the properties held by the subsidiaries arises.
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