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| To Enter Hangzhou Market and with Land Parcel to Develop Joy City Project |
HONG KONG, Mar 24, 2015 - (ACN Newswire) - Joy City Property Limited ("Joy City Property" or the "Company," HK Stock Code: 0207) has announced that the acquisition of 100% equity interest in Zhejiang Herun Tiancheng Real Estate Company Limited was approved by the shareholders at today's special general meeting ("SGM") in Hong Kong. As a disclosable and a non-exempt connected transaction, the acquisition is subject to approval by shareholders at a SGM.
The Company has published a related announcement on 3 February 2015 a related circular on 5 March 2015. Herun Tiancheng held by Shanghai Wanliang Enterprise Management Consultancy Company Limited is to be acquired at a total consideration of RMB43.76 million. The principal asset of Herun Tiancheng is land parcel, which occupies an aggregate site area of 75,375 sq.m. The land parcel is planned for development into Hangzhou Joy City. The land parcel is considered to be quality parcel which are scarce in Gongshu District, one of the core city districts in Hangzhou. The GFA of the Land is 307,000 sq.m. and the planning of the land is aligned with the product positioning and business-mix of Joy City.
The acquisition represents another injection of quality assets from the parent company, COFCO Corporation, following its injection of nine commercial property projects (including six Joy City complexes) into the Company in November 2014. The acquisition of quality assets with low land price also presents potential for a strong return through the project's future development. The management of Joy City Property said, "We are very happy to see the approval of the acquisition proposal at our SGM. The approval demonstrates that all parties appreciate the potential benefits of the acquisition and that the market has confidence in our development prospects. The acquisition will provide larger scope for our future development, bolster our presence in the Yangtze River Delta, and strengthen our commercial positioning and the recognition of our "Joy City" brand in the commercial property market. We have confidence that the acquisition will enrich our project portfolio, increase revenue and enhance overall shareholders value."
Contact:
Strategic Financial Relations (China) Limited
Ms Serine Li Tel: (852) 2864 4835 E-mail: serine.li@sprg.com.hk
Ms Ada Leung Tel: (852) 2114 4967 E-mail: ada.leung@sprg.com.hk
Topic: Press release summary
Source: Joy City Property Ltd
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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