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| The Only Overseas Listed Property Business Platform of Peking Founder Leverages Resource Advantages of Peking University and Peking Founder to Develop into Integrated-resources Based Urban Operator |
HONG KONG, Sept 18, 2014 - (ACN Newswire) - Peking University Resources (Holdings) Company Limited ("PKU Resources" or the "Company;" stock code: 618) announced it has acquired 12 property development projects owned and operated by Fine Noble Global Limited and Peking University Resources Group Property Limited for a total consideration of HK$1.93 billion. The acquisition marks its latest bid to further tap the property industry in China and reinforce PKU Resources' position as the only overseas-listed business platform for Peking Founder's property business.
The total consideration for the acquisition includes HK$1,361 million for the offshore acquisition and HK$573 million for the onshore acquisition. The consideration is to be satisfied by a combination of the Company's internal cash, the issuance of consideration shares to the controlling shareholder Founder Information (Hong Kong) Limited and all or part of the cash proceeds from the issuance of placement shares. As a very substantial acquisition and connection transaction, the acquisition is subject to a number of conditions including the approval of the Stock Exchange of Hong Kong and independent shareholders.
The assets to be acquired include 12 property development projects: PKU Resources-Jiangshan Mingmen Project, PKU Resources-Yannan Project, PKU Resources-Boya Project and PKU Resources-Yuelai Project in Chongqing; PKU Resources-Boya Binjiang Project in Foshan, Guangdong; PKU Resources-Shanshuinianhua Project in Wuhan, Hubei; PKU Resources-Time Project in Changsha, Hunan; Xinduxinyuan Project and PKU Resources-Boya Huafu Project in Qingdao, Shandong; PKU Resources-Dream City Project in Guiyang, Guizhou; and PKU Resources-Yannan International Project and PKU Resources-Xishanyue Project in Chengdu, Sichuan. These projects are to be used for residential, commercial or office purposes, with a total permitted GFA of 5,393,796 sq.m.
Besides, the Company has entered into a master trademark licensing agreement with PKU Resources Group under which the Company and its subsidiaries are licensed to use the trademark of PKU Resources Group in its property development projects. Incorporating PKU Resources Group's brand name and trademark backed by more than a decade of experience in property development and management in the promotion of the Company's property projects can create stronger brand recognition and instill confidence amongst potential property buyers.
PKU Resources Group also provides strong financial support to the Company. Pursuant to the master loan agreement signed by both parties, the Company and its subsidiaries can borrow loans from PKU Resources Group and its associates. The agreement can effectively reduce the working capital pressure of the Company and support the needs of the Company's property development projects.
Moreover, PKU Resources Group will provide pre-sale property management services and landscape construction services to the Company and its subsidiaries. Capitalising on PKU Resources Group's rich expertise in property management and landscape construction, the Company can bolster standards of its property projects and strengthen their market competitiveness.
Looking ahead, PKU Resources will continue to implement its comprehensive "resources property" development model to combine the unique resources advantages of Peking University and Peking Founder. At the same time, it will aim to enhance its competitiveness and achieve sustainable profitability by integrating the resources of culture and education, medicine into property development and innovative services. Among these services are education-related services including library, kindergarten, primary and secondary schools, and medical services such as clinics and care centers for the elderly in its property projects. PKU Resources has also developed "Ziyuanjia", an online community service platform exclusively for property owners, so they can enjoy a range of convenient services at home such as online medical consultation, advanced medical checkup booking, financial services as well as online shop.
Ms. Yu Li, Chairwoman and Executive Director of Peking University Resources (Holdings) Company Limited, said: "PKU Resources has transformed its business, entering property development and operation of commercial property areas in 2013. This acquisition provides a good opportunity to expand its property business with strong growth potential and subsequently access a wider business and financing platform, while leveraging the leading brand and management resources of PKU Resources Group. Moving forward, PKU Resources will continue to consolidate its premium integrated resources model to speed up the development of the China property market and pioneering and leading the way to distinctive urban operations and development in China."
Contact:
Strategic Financial Relations (China) Limited
Ms. Nan Dong Tel: (852) 2864 4811 Email : nan.dong@sprg.com.hk
Ms. Ada Leung Tel: (852) 2114 4967 Email : ada.leung@sprg.com.hk
Topic: Press release summary
Source: Peking University Resources (Holdings) Company Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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