Aoyuan Acquired 70% of Shareholding of a Quality Dongguan Project at a Consideration of RMB156 Million Strengthen Land Bank Port
Time:2012-06-15
(15 June 2012 - Hong Kong) One of the leading property developers in Guangdong Province in China - China Aoyuan Property Group Limited ("Aoyuan" or the "Company", together with its subsidiaries the "Group"; Stock Code: 3883) is pleased to announce that, its wholly-owned subsidiary, Aoyuan Group Company Limited ("Aoyuan Group") and Dongguan Changtai Property Investment Co., Ltd ("Chang Tai") agreed to acquire 70% and 30% of the entire issued capital of Dongguan Fujia Property Investment Co., Ltd ("Target Company") respectively, at a consideration of RMB350,000 and RMB150,000 on 8 June 2012, and also they will inject a sum of no less than RMB222,686,500 to the Target Company in the proportion of their respective shareholding, by way of shareholders’ loan and increase of share capital. That means Aoyuan Group and Chang Tai will inject not less than RMB155,880,550 and RMB66,805,950 respectively. The Project Land of the Target Company is located at Dajing Village, Houjie, Dongguan City, covering a total area of about 51,772 sq.m.
Commenting on the acquisition, Mr. GUO Zi Wen, Chairman of Aoyuan, said, "Despite the recent downturn of the global financial conditions, the Group is optimistic about the economy of the PRC and the prospect of the PRC property market. The Project Land is situated in a prime location in Dongguan, enjoying beautiful landscape, convenient access and strong consumption power of customers; hence is of an excellent potential of development. In addition, this acquisition is the Group’s first property project in Dongguan, Guangdong Province, which is in line with the Group’s long-term development strategy. We believe it does not only strengthen the land bank portfolio, but also consolidates the Group’s leading position in Guangdong Province. Looking forward, the Group will continue to focus on areas with strong rigid demand and huge growth potentials to maximize returns for our shareholders.
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