China SCE Property (01966) said it agreed to acquire 40% equity interest in Taiwan Commodity Trading Center (Kunshan) Co., Ltd. at Rmb634 million and the entire Best Century (Worldwide) Limited at Rmb728 million.
The principal assets of the Best Century comprise the entire equity interest in Cross-strait Commerce Cooperation Development (Kunshan) Co., Ltd.; 45% equity interest in Taiwan Commodity and the assets held by Taiwan Commodity.
The principal assets of the Taiwan Commodity comprise four parcels of land located in the east of Dongcheng Road and north of Zhongxiu Road at Huaqiao Town, Kunshan City, Jiangsu Province, PRC which shall be used for commercial and residential purpose, and the 40% equity interest in Image Culture, which is principally engaged in the development of properties in the PRC.
The acquisition would in turn enable the China SCE Property Group to hold 85% of interest in the land, will enable the Group to enjoy the development potential of the land and may potentially bring additional revenue to the Group.
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