China Aoyuan Property (03883) said it agreed to acquire the entire issued share capital of Finest Gold Global Limited at an initial consideration of HK$950 million.
The target company holds the parcel of land registered in the Land Registry as Kwai Chung Town Lot No. 46 and a 12-storey building (including two-storey carparks) erected on the lot which composes of, among other things, car parks and ordinary units for non-residential use. The total gross floor area of the building is about 117,233 square feet (about 10,891 square metres).
The acquisition will provide opportunities for the Group to expand property portfolio and develop its property development business in Hong Kong.
China Aoyuan also proposes to further issue additional US-dollar senior notes. The company intends to use the proceeds to refinance the Group's existing indebtedness and for general working capital.
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