Fullshare Holdings Acquired Five Land Properties at a Consideration of AU$80 million to Expand the Integrated Leisure Tourism Business
May 25, 2017
3 minute read
(26 May, 2017-Hong Kong) Fullshare Holdings Limited (“Fullshare Holdings” or the “Group”; SEHK stock code: 607), is pleased to announce that on 25 May 2017, Five Seasons VII Pty Ltd., an indirect wholly-owned subsidiary of the Group, (“Five Seasons VII”) and Nanjing Construction Group (Australia) Whisper Bay Pty Ltd. (“Nanjing Construction Group”), a wholly-owned subsidiary of Nanjing Construction Group Co., Limited (南京建工集團有限公司), entered into a Sale and Purchase Agreement. The Group has agreed to allot and issue consideration shares equivalent to AU$1,021,590 to Nanjing Construction Group to purchase the entire issued shares of Whisper On The Water Pty Ltd. (“Target Company”). Pursuant to the Sale and Purchase Agreement, 165,442,061 shares of consideration shares will be issued at a price of HKD 2.961, 90% of the closing price of 25 May 2017.
The Target Company is mainly engaging in asset managements, letting agency and hotel operation businesses.
Meanwhile, the Group is actively consolidating land resources in Australia to further develop its tourism business. On 25 May 2017, Five Seasons VII (A) Pty Ltd. (“Purchaser A”), an indirect wholly-owned subsidiary of the Group, entered into a Land Sales Agreement with Wisper Bay Whitsundays Pty Ltd. (“Vendor A”), whereas, Purchaser A agreed to purchase the Laguna Land Property, Snowy River Land Property and Whisper Bay Land Property at an aggregate consideration of AU$245,000, AU$1,350,000 and AU$73,173,325, respectively. On the other hand, Five Seasons VII (B) Pty Ltd. (“Purchaser B”), another indirect wholly-owned subsidiary of the Group, also entered a Land Sales Agreement with Wisper Bay View Pty Ltd. (“Vendor B”), whereas Purchaser B agreed to purchase the Altmann Land Property and Shingley Land Property at AU$2,100,000 and AU$2,200,000, respectively. The Group will settle the aggregate consideration by allotting and issuing consideration shares equivalent to AU$79,068,325 in total. The consideration was calculated based on the valuation reports issued by Expert Valuation Services Pty Ltd. on 28 February 2017 or by CIVAS (VIC) Pty Limited on 7 March 2017.
Laguna, Snowy River, Whisper Bay, Altmann and Shingley are located at 1)Laguna Quays, 2) Snowy Riverway, Beloka NSW, 3)11 Altmann Ave, Cannonvale QLD 4802, 4) 14c and 26 Altmann Avenue, Cannonvale QLD 4802, 5)145 Shingley Dv, Cannonvale QLD 4802, respectively, with a total site area of approximately 1,153.839 hectares.
The Group will host EGM for the shareholders to consider and, if thought fit, to approve the Sale and Purchase Agreement, the Land Sale Agreements and the transactions contemplated thereunder.
Mr. Ji Changqun, Executive Director, Chairman and Chief Executive Officer of Fullshare Holdings said: “The Group is actively promoting healthy living and sustainable development. Through the five business platforms namely new tourism, healthcare, property, new energy and investment, the Group is endeavored to create green and healthy life-style to consumers. According to the report “China’s Middle Class in Next Decade”(《下一個十年的中國中產階級》) issued by McKinsey & Company, by 2022, 76% of the PRC urban households will reach the middle class income standard, and annual disposable income of these Chinese households would fall in the range of RMB60,000 to RMB229,000 by that time. The rapid increase in China’s middle class and gradual shifting in consumption pattern has fueled the development of tourism industry. This emerging industry is also one of the Group’s major focus.”
“Fullshare is vigorously integrating high-qualitied tourism resources to create a comprehensive leisure tourism platform. Since the acquisition of Laguna and Sheraton projects in Australia in 2016, we have once again acquired 5 premium land properties in Australia as well as a tourism property management company. The acquisition and the consolidation of the relevant land resources will provide a solid foundation for the Group’s tourism projects such as the development of suburban vacation resorts and cultural towns. As a conglomerate with global vision, we will continue to build a high-end tourism resort combining healthy-living, entertainment and leisure projects, aiming to provide quality life-style for the public.” Mr. Ji added. “The acquisition also demonstrates the Group’s long-term investment strategy in Australia.”