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China Resources deal
Source: Bloomberg News |
August 20, 2011, Saturday
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Print Edition
Print Edition
CHINA Resources Land Ltd yesterday said the company has agreed to buy four properties from its parent for a combined HK$7 billion (US$897 million) in cash and stock, boosting its landbank in the world's second-biggest economy.
China Resources Land will acquire the entire equity of Speedy Hill Investments Ltd, owner of property projects in Nanjing, Wuxi, Changzhou and Zhengzhou, from state-owned parent China Resources (Holdings) Co, according to a Hong Kong stock exchange filing. The deal requires the approval of investors at China Resources Land, it said.
The Hong Kong-listed property developer, which yesterday reported a 4 percent increase in first-half profit, plans to issue about 438 million new shares at HK$12.7756 each to its parent, and pay HK$1.4 billion in cash, the statement said. The stock portion is equivalent to about 7.5 percent of the enlarged share capital of the unit, it said.
China Resources Land will acquire the entire equity of Speedy Hill Investments Ltd, owner of property projects in Nanjing, Wuxi, Changzhou and Zhengzhou, from state-owned parent China Resources (Holdings) Co, according to a Hong Kong stock exchange filing. The deal requires the approval of investors at China Resources Land, it said.
The Hong Kong-listed property developer, which yesterday reported a 4 percent increase in first-half profit, plans to issue about 438 million new shares at HK$12.7756 each to its parent, and pay HK$1.4 billion in cash, the statement said. The stock portion is equivalent to about 7.5 percent of the enlarged share capital of the unit, it said.
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