Greentown China to restructure construction management biz

    Greentown China (03900) said it agreed to acquire not more than 139 million shares in Greentown Service Group Co. Ltd. at HK$305.55 million under the IPO.
  Greentown Service and its subsidiaries are principally engaged in residential property management in the PRC, they have a diversified service portfolio comprising three segments: property management services, property consulting services and community value-added services. Greentown Service is an associate of co-chairman Song Weiping and executive director Shou Bainian.
  Besides, Greentown China's 35.4%-owned subsidiary Bluetown Real Estate Construction Management Group Co., Ltd. proposes to undergo a restructuring by way of demerging and continuing it into two entities, namely Hangzhou Bluetown Zhixin Construction Management Group Co., Ltd. (new Bluetown) which will be principally engaged in the construction management business and will take over the assets, rights and liabilities and employees associated with such business; and Bluetown (i.e. the original entity after the restructuring) which will be principally engaged in the other business, and both of which entities will, immediately after such restructuring, be under the same shareholding structure as that under the existing Bluetown.
  Greentown China will acquire the remaining equity interest in new Bluetown at Rmb949 million from the other shareholders, and through Greentown Property, will dispose of its 35.4% equity interest in Bluetown (after the restructuring) to co-chairman Song Weiping for Rmb117 million.