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China Ao parking disc yuan Property to buy 41.33% stake in investment firm

已有 420 次阅读2011-10-8 08:51 | valve, bag, investment, parking, moncler

China Ao parking disc yuan Property to buy 41.33% stake in investment firm
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China Aoyuan Property to buy 41.33% stake in investment firmPublished: 07 Jul 2009 22:57:52 PST

Jul. 8, 2009 (China Knowledge) - China Aoyuan Property Group Ltd<3883> on Jul. 7 announced that one of its wholly-owned subsidiaries plans to acquire a 41.33% stake in an investment firm for RMB 370 million, sources reported.

The investment firm holds a 90% stake in a Beijing-based property firm which holds a 38% stake in a mixed-use property project, while Beijing Capital Development Co Ltd<600376> currently holds the remaining 62% of the project.

In April 2008, Beijing Capital Development plans to sell the 62% stake to the investment firm for RMB 458.7 million, but failed due to the economic turmoil. In May 2009, the company signed a contract with the investment firm, hammering out the deal.

The investment firm will also obtain a two-year loan worth RMB 460 million from China Aoyuan. The loan will pay for the equity transfer of the 62% stake in the property project. After the investment firm pays back the loan, it will hold nearly a 100% stake in the project.

The project, which is located in Chaoyang District, Beijing, consists of apartments, shopping malls and hotels. The project covers a land area of 27,453.21 square meters (sq m) and has a total investment of RMB 2.13 billion. The combined floor area of the project is 232,980 sq m, of which 160,600 sq m are aboveground and 72,380 sq m are underground.