Greentown Real Estate Group Co., Ltd. cancelled the acquisition of Zhejiang Qifeng Industrial Co., Ltd. from Xinhu Zhongbao Co.,Ltd..
April 16, 2021
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Greentown Real Estate Group Co., Ltd. entered into a letter of intent to acquire Zhejiang Qifeng Industrial Co., Ltd. from Xinhu Zhongbao Co.,Ltd. (SHSE:600208) on April 17, 2020. Greentown Real Estate Group Co., Ltd. entered into a share transfer agreement to acquire Zhejiang Qifeng Industrial Co., Ltd. from Xinhu Zhongbao Co.,Ltd. (SHSE:600208) for approximately CNY 190 million on April 19, 2020. As part of the agreement, Greentown Real Estate Group entered into a project cooperation agreement to provide financial assistance of CNY 192.5 million as a loan to project companies which are 35% owned by Zhejiang Qifeng. This transaction is subject to approval of Board of Directors of Xinhu Zhongbao completion of registration with the relevant governmental authorities. The transaction is approved by the Board of Directors of Xinhu Zhongbao.
Greentown Real Estate Group Co., Ltd. cancelled the acquisition of Zhejiang Qifeng Industrial Co., Ltd. from Xinhu Zhongbao Co.,Ltd. (SHSE:600208) on April 17, 2021.
Xinhu Zhongbao Co Ltd is a China-based company principally engaged in the development and sales of real estate. The Company operates its businesses through four segments. The Real Estate segment is principally engaged in the development and sales of real estate. The Commercial Trading segment is mainly engaged in commercial trading business. The Tidal Flat Development segment is mainly engaged in the Tidal Flat Development business. The Other segments are mainly engaged in property management and investment businesses. The Company's real estate projects include residential construction projects, office building projects, and commercial construction projects. The Company's real estate business is distributed in China's Zhejiang Province, Shandong Province, Liaoning Province, Jiangsu Province, Jiangxi Province, Tianjin City and Shanghai City.