Sino-Ocean Land (03377) said its indirect wholly-owned subsidiary (purchaser) has agreed to buy a 24.5% stake in Poly Link, and the shareholder's loan for RMB1.09 billion.
Poly Link is held as to 75.5% and 24.5% by the purchaser and the vendor, respectively. Upon Completion, Poly Link will become an indirect wholly-owned subsidiary of Sino-Ocean Land.
Poly Link is an investment holding company that indirectly holds 100% equity interest in the Project Companies, which are the developers of a target project. It is a commercial and residential property development project located in Hangzhou, with a total GFA of 937,000 square metres.
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