Wuhan Contemporary Real Estate Development Co., Ltd. intends to sign an equity transfer agreement to acquire Chongyang Sante Junshuihe Tourism Development Co., Ltd. from Wuhan Sante Cableway Group Co., Ltd. for CNY 51.9 million.
May 11, 2020
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Wuhan Contemporary Real Estate Development Co., Ltd. intends to sign an equity transfer agreement to acquire Chongyang Sante Junshuihe Tourism Development Co., Ltd. from Wuhan Sante Cableway Group Co., Ltd. (SZSE:002159) for CNY 51.9 million on May 12, 2020. As per terms of the consideration, 51% of the total consideration will be paid within within 3 working days after the signing and entry into force of this agreement and balance 49% of the total consideration will be paid within one year from the completion of the industrial and commercial change registration process. In a related transaction, Wuhan Contemporary Real Estate Development Co., Ltd. intends to sign an equity transfer agreement to acquire Chongyang Sante Tourism Development Co., Ltd. from Wuhan Sante Cableway Group Co., Ltd. (SZSE:002159) for CNY 48.4 million on May 12, 2020.
For the year ended December 31, 2019, Chongyang Sante Junshuihe Tourism Development Co., Ltd. reported total assets of CNY 138.1 million, net assets of CNY 28.7 million, operating revenues of CNY 8.1 million, operating loss of CNY 7.5 million and net loss of CNY 7.5 million. The transaction was approved in 31st interim meeting of the 10th board of directors of Wuhan Sante Cableway Group Co., Ltd.
Wuhan Sante Cableway Group Co Ltd is a China-based company principally engaged in the operation of tourism business. The Company's business activities include the operation of sightseeing ropeways in scenic areas, the operation of tourist attractions and the sale of tickets, the operation of hotel and catering business, travel agency business and scenic tourist coach business. The Company also involves in real estate business. The Company operates its business in domestic market.
Wuhan Contemporary Real Estate Development Co., Ltd. intends to sign an equity transfer agreement to acquire Chongyang Sante Junshuihe Tourism Development Co., Ltd. from Wuhan Sante Cableway Group Co., Ltd. for CNY 51.9 million.