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China New City (01321) unit buys 51% in Xuzhou Wanxiang
16 May 2018
(Infocast News) Zhong An Real Estate (00672) (Zhong An) and China New City Commercial Development (01321) (CNC) announced jointly that on 16 May 2018, Zhong An Shenglong entered into an equity transfer agreement with China Business Alliance and Wanxiang Fujian, pursuant to which Zhong An Shenglong and China Business Alliance agreed to buy 51% and 4% of the entire equity interests in Xuzhou Wanxiang respectively from Wanxiang Fujian.

The acquisition price payable by Zhong An Shenglong is RMB204 million.

Zhong An Shenglong is an indirect non-wholly-owned subsidiary of CNC which, in turn, is an indirect non-wholly-owned subsidiary of Zhong An.

The principal activities of Xuzhou Wanxiang is the development, construction and management of commercial properties in Xuzhou city, Jiangsu Province, the PRC.

(WL)
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