Realord Group (01196) said it agreed to acquire the entire equity interest in each of Realord Ventures Limited and Manureen Ventures Limited at a total of Rmb3,837 million from Chairman Lin Xiaohui and his spouse Su Jiaohua and to provide shareholder's loan to the target group for the settlement of the outstanding debts on a dollar for dollar basis.
As at 31 August 2017, the target group's outstanding debts amounted to about Rmb2,383 million.
The target group currently only holds certain properties, including a commercial/apartment building, retail shops and all car parking spaces with a total gross floor area of about 51,039 square metres and is situated within the Realord Villas, which is a mixed residential and commercial development located on the southern side of Huangan South Road within the Guanlan High-Tech Industrial Park of Guanlan. Realord Group intends to hold the Guanlan property for rental purpose after completion; two blocks of office building with 26 storeys and 4 storeys over a basement car park respectively, with a total gross floor area of about 53,973 square metres; a bare land with a site area of about 12,599 square metres located at the southwestern side of Jufeng Road within Guangming High-Tech Industrial Park of Guangming New District; and four social housing units of Fu Bao Gui Hua Yuan, which is a property estate located on the southern side of Gui Hua Road within the Futian Free Trade Zone of Shenzhen. Its total gross floor area is about 350 square metres. It was acquired by the target group from the government authorities and it is currently occupied as staff quarters of the target group.
Upon completion, Realord Group intends to hold the Guanlan property and the Guangming property for rental purpose, and the staff housings will be kept as it is for staff quarter purpose. The Guangming land, which is currently a bare land, is intended to be held as investment assets of the Group, no development plan thereof at this stage.
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