Hopson Development (00754) said it agreed to acquire the entire equity interest in Tianjin Royal Garden Hot Spring Development Co., Ltd at not more than Rmb440 million from Beijing Zhujiang and Guangdong Zhujiang.
The target has commenced the operation of Dijing Hot Spring Resort in Baodi District, Tianjin since 2004. The hot spring resort has over 140 guest rooms and 6 villas, restaurants, conference rooms, shops and spa services and facilities.
Beijing Zhujiang is an indirect wholly-owned subsidiary of Guangdong Zhujiang. Guangdong Zhujiang is owned as to an aggregate of 97% by two corporate shareholders which are directly or indirectly owned as to 99% by Chu Wai Hong. As Chu Wai Hong is a son of Chu Mang Yee, the ultimate controlling shareholder and an executive Director and the Chairman of Hopson Development, and a brother of Chu Kut Yung, an executive Director and the Deputy Chairman of Hopson Development, each of Beijing Zhujiang and Guangdong Zhujiang is a connected person of Hopson Development.
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