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Fosun seeks to delist Forte Land in HK
By Cao Qian |
January 22, 2011, Saturday
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Print Edition
Print Edition
FOSUN International Ltd is seeking to delist its real estate subsidiary, Shanghai Forte Land Co Ltd, from the Hong Kong stock market because Forte Land's status as a listed company is an impediment to its future success.
Fosun International, also a Hong Kong-listed arm of Fosun Group, China's biggest private conglomerate controlled by Guo Guangchang, is offering HK$3.50 (45 US cents) for every share in Forte Land that it doesn't already own, the two firms said in a joint exchange filing on late Thursday.
Once the delisting is complete, Forte Land may better access funding for larger real estate development projects through leveraging Fosun's financial strength in the onshore and offshore banking and capital markets, the companies said. Additionally, when the developer becomes a wholly-owned subsidiary of Fosun, it will facilitate the provision of intra-group funding.
Shanghai-based Forte Land, which went public in Hong Kong in February 2004 and operates in 13 cities nationwide, has reported sales rose 59 percent to 13.6 billion yuan (US$2.05 billion) last year, surpassing 10 billion yuan for the first time.
Fosun International, also a Hong Kong-listed arm of Fosun Group, China's biggest private conglomerate controlled by Guo Guangchang, is offering HK$3.50 (45 US cents) for every share in Forte Land that it doesn't already own, the two firms said in a joint exchange filing on late Thursday.
Once the delisting is complete, Forte Land may better access funding for larger real estate development projects through leveraging Fosun's financial strength in the onshore and offshore banking and capital markets, the companies said. Additionally, when the developer becomes a wholly-owned subsidiary of Fosun, it will facilitate the provision of intra-group funding.
Shanghai-based Forte Land, which went public in Hong Kong in February 2004 and operates in 13 cities nationwide, has reported sales rose 59 percent to 13.6 billion yuan (US$2.05 billion) last year, surpassing 10 billion yuan for the first time.
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