Shimao Property (00813) said it agreed to transfer the entire equity interest in Nanjng Qingnuo Enterprises Management Co., Ltd. to Jiaxing Chengrong Investment Limited Partnership and Jiaxing Anrui Investment Limited Partnership.
The target company is principally engaged in investment holding and the only investment held by it is the 43.2% equity interest in Nanjing Shimao New Pilot Real Estate Co., Ltd. . The disposals are intended to facilitate the formation of a joint venture such that, after completion, the JV will be indirectly held as to 43.2% by the purchasers in aggregate and as to 56.8% by Shimao Property.
The JV is a single purpose company recently established in 1 June 2016 in the PRC with limited liability for the acquisition, holding and the development of a parcel of land located at No. 5 Jiang Dong, The North of Hexi, Jianye District, Nanjing, the PRC for use of commercial, office and residential development, which the JV has the right to purchase at Rmb8,800 million.
22/06/2016 11:26
Shimao Property (00813) forms JV to develop Nanjing land
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