Fullshare Holdings contributes RMB900 million to set up joint venture to develop and operate properties for cultural, tourism and elderly care
Aug 4, 2016
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(5 Aug, 2016, Hong Kong) Fullshare Holdings Limited (“Fullshare Holdings” or the “Company”, which together with its subsidiaries, is referred to as the “Group”; SEHK stock code: 607), is pleased to announce that, on 5 Aug 2016, its wholly owned subsidiary, Nanjing Fullshare Technology, entered into an investment co-operation agreement with Jiangsu Eastide Group Limited (“Jiangsu Eastide”) and Zhong Bang Jin Kan Investment Company Limited (“Zhong Bang Jin Kan”) to form a joint venture to develop and operate properties for cultural, tourism and elderly care.
Under the agreement, the joint venture will have a registered capital of RMB2 billion, which will include RMB900 million contributed by Nanjing Fullshare Technology in cash. Nanjing Fullshare Technology, Jiangsu Eastide and Zhong Bang Jin Kan will hold equity interests of 45%, 45% and 10% respectively in the joint venture. Jiangsu Eastide will be responsible for the joint venture’s daily operations.
Jiangsu Eastide is principally engaged in industrial investment, development and sale of products for public utilities, development and sale of system software, construction and trading. Zhong Bang Jin Kan is principally a financial service company. The establishment of the joint venture will enrich the Group’s healthcare business with urban leisure business, suburban vacation, cultural tourism and properties development and operation in elderly care business. All the partners in the joint venture will contribute their respective resources and strengths to the development and operation of properties for cultural, tourism and elderly care.
Mr. Ji Changqun, Executive Director, Chairman and Co-CEO of Fullshare Holdings, said “This partnership will allow us to develop healthcare business cost-effectively. Apart from its synergistic value, this joint venture as a strategic move will also enable the Group to allocate its financial resources flexibly to businesses with potential for growth. We will pursue the strategy of developing the Group into a leading enterprise engaged in green construction and health service.”