Greentown Real Estate Group Co., Ltd. cancelled the acquisition of Zhejiang Qizhi Technology Co., Ltd. from Xinhu Zhongbao Co.,Ltd..
April 23, 2021
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Greentown Real Estate Group Co., Ltd. entered into share purchase agreement to acquire Zhejiang Qizhi Technology Co., Ltd. from Xinhu Zhongbao Co.,Ltd. (SHSE:600208) for approximately CNY 400 million on April 24, 2020. Under the terms of consideration, approximately CNY 750 million will be provided by Greentown to Xinhu Zhongbao. The 50% of consideration will be paid within seven days upon satisfaction of conditions precedent and the remaining will be paid within seven days after completion of transaction and repayment of loan provided by Greentown for financial assistance (Zhejiang Qizhi Stage 1 Repayment). In a related transaction, Greentown Real Estate Group Co., Ltd. signed an agreement to acquire 50% stake in Nantong Xinhu Real Estate Co., Ltd. from Xinhu Real Estate Group Co., Ltd for CNY 71.6 million. Greentown China intends to finance the consideration by its internal financial resources. The deal is subject to satisfaction of the conditions precedent and completion of the Zhejiang Qizhi Stage 1 Payment, completion of the Zhejiang Qizhi Acquisition shall take place upon completion of the registration with the relevant governmental authorities of change of shareholder in Zhejiang Qizhi.
Greentown Real Estate Group Co., Ltd. cancelled the acquisition of Zhejiang Qizhi Technology Co., Ltd. from Xinhu Zhongbao Co.,Ltd. (SHSE:600208) on April 24, 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.