GREENLAND HONG KONG HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
GREENLAND HONG KONG HOLDINGS LIMITED
綠地香港控股有限公司
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 337)
DISCLOSEABLE TRANSACTION
ACQUISITION OF PROPERTY
The Board is pleased to announce that on 11 May 2021, the Confirmation Letter was entered into by the Seller and the Purchaser, an indirect wholly-owned subsidiary of the Company, confirming that the Purchaser has won the bid for the acquisition of the Property from the Seller at the Consideration through a listing-for-sale organised by the Exchange Centre.
As the highest Applicable Percentage Ratio for the Acquisition exceeds 5% but is less than 25%, the Acquisition constitutes a discloseable transaction for the Company and is subject to the notification and publication requirements under Chapter 14 of the Listing Rules.
ACQUISITION OF LAND USE RIGHTS
On 11 May 2021, the Confirmation Letter was entered into by the Seller and the Purchaser, an indirect wholly-owned subsidiary of the Company, confirming that the Purchaser has won the bid for the acquisition of the Property from the Seller at the Consideration through a listing- for-sale organised by the Exchange Centre.
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PRINCIPAL TERMS OF THE CONFIRMATION LETTER AND THE LISTING-FOR- SALE
The principal terms of the Confirmation Letter and the listing-for-sale are summarized below:
Date
11 May 2021
Parties
- the Purchaser, as purchaser
- the Seller, as seller
The Purchaser is expected to enter into a land grant contract (the "Land Grant Contract") with the Seller on or before 25 May 2021.
Information on the Property
The parcel of land is located at the southeast side of the intersection of Ximei Road and Shenjiaqiaobang, Xinwu District, Wuxi City, Jiangsu Province, the PRC (中國江蘇省無錫 市新吳區錫梅路與沈家橋浜交叉口東南側) with a total site area of approximately 60,918.2 sq.m. and a gross plot ratio of more than 1.0 but less than 1.6. The Property has a land use right of 70 years for residential land use.
Consideration and Payment Terms
The Consideration, namely RMB1,169.65 million (approximately HK$1,409.22 million), was the bid price submitted by the Purchaser for the acquisition of the Property at the listing- for-sale organised by the Exchange Centre, which was determined by the Purchaser with reference to the minimum bidding price of RMB974.7 million (approximately HK$1,174.34 million) stipulated by the Seller, the expected bidding prices of the prospective bidders and the development potential of the Property.
The Consideration shall be paid in cash in the following manner:
- approximately RMB584.83 million (approximately HK$704.61 million), representing 50% of the Consideration, shall be paid within 1 month from the date of the Land Grant Contract; and
- the balance of the Consideration, representing 50% of the Consideration, shall be paid within 4 months from the date of the Land Grant Contract.
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REASONS FOR AND BENEFITS OF THE ACQUISITION
The Board considers that the Property has attractive development potential. The Board considers that the terms of the Acquisition are on normal commercial terms, fair and reasonable, and in the interests of the Shareholders as a whole. The Consideration will be funded by internal resources of the Group.
GENERAL
The Company is an investment holding company. The Group is principally engaged in property development, property and hotel investment and property management.
The Seller is a governmental authority of the PRC, which, among other things, has authority to sell state-owned lands. The Exchange Centre is a governmental authority of the PRC, and is engaged in organising listing-for-sale process for sellers which want to sell their assets to bidders using listing-for-sale process. To the best of the Directors' knowledge, information and belief and having made all reasonable inquiries, the Seller and the Exchange Centre and their respective beneficial owners are third parties independent of the Company and its connected persons.
LISTING RULES IMPLICATIONS
As the highest Applicable Percentage Ratio for the Acquisition exceeds 5% but is less than 25%, the Acquisition constitutes a discloseable transaction for the Company and is subject to the notification and publication requirements under Chapter 14 of the Listing Rules.
DEFINITIONS
In this announcement, unless the context otherwise requires, the following terms and expressions have the following meanings:
"Acquisition"the acquisition of the Property by the Purchaser from the Seller through listing-for-sale;
"Applicable Percentage have the meanings ascribed to them under the Listing Rules; Ratio" and "connected
person"
"Board" | the board of Directors; |
"Company"Greenland Hong Kong Holdings Limited (綠地香港控股有 限公司), a company incorporated with limited liability in the Cayman Islands, whose ordinary shares are listed on the Stock Exchange (stock code: 337);
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"Confirmation Letter" | the confirmation letter entered into by the Seller and the |
Purchaser on 11 May 2021, confirming the winning of the bid | |
by the Purchaser for the acquisition of the Property; | |
"Consideration" | RMB1,169.65 million (approximately HK$1,409.22 million), |
being the consideration for the acquisition of the Property; | |
"Director(s)" | director(s) of the Company; |
"Exchange Centre" | Wuxi City Land Resources Exchange Centre* (無錫市國土資 |
源交易中心); | |
"Group" | collectively, the Company and its subsidiaries; |
"HK$" | Hong Kong dollar, the lawful currency of Hong Kong; |
"Hong Kong" | the Hong Kong Special Administrative Region of the PRC; |
"Listing Rules" | the Rules Governing the Listing of Securities on the Stock |
Exchange; | |
"PRC" | the People's Republic of China which, for the purposes of this |
announcement only, excludes Hong Kong, the Macau Special | |
Administrative Region of the PRC and Taiwan; | |
"Property" | the parcel of land located at the southeast side of the |
intersection of Ximei Road and Shenjiaqiaobang, Xinwu | |
District, Wuxi City, Jiangsu Province, the PRC* (中國江蘇省 | |
無錫市新吳區錫梅路與沈家橋浜交叉口東南側) with a total | |
site area of approximately 60,918.2 sq.m.; | |
"Purchaser" | Wuxi Guosheng Property Development Co., Ltd. (無錫國盛房 |
產開發有限公司), an indirect wholly-owned subsidiary of the | |
Company; | |
"RMB" | Renminbi, the lawful currency of the PRC; |
"Seller" | Wuxi City Bureau of National Resources and Planning* (無錫 |
市自然資源和規劃局); | |
"Shareholder(s)" | holder(s) of the share(s) in the Company; |
"Stock Exchange" | The Stock Exchange of Hong Kong Limited; |
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"sq.m." | square metre(s); and |
"%" | per cent. |
For the purposes of this announcement, an exchange rate of HK$1.00 = RMB0.83 has been used for currency translation, where applicable. Such exchange rate is for illustration purposes only and does not constitute any representations that any amount in RMB or HK$ has been, could have been or may be converted at such rate.
By Order of the Board
Greenland Hong Kong Holdings Limited
Chen Jun
Chairman
Hong Kong, 11 May 2021
As at the date of this announcement, the executive directors of the Company are Mr. Chen Jun, Mr. Wang Weixian, Mr. Hou Guangjun, Mr. Wu Zhengkui and Ms. Wang Xuling; and the independent non-executive Directors are Mr. Fong Wo, Felix, JP, Mr. Kwan Kai Cheong and Dr. LAM, Lee G..
- For identification purposes only
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Disclaimer
Greenland Hong Kong Holdings Limited published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 11:11:02 UTC.
