Fullshare Holdings Entered into the Formal Agreement to Acquire Property Projects in Jiangsu Province with a Total Consideration of RMB333.9 Million
Jul 19, 2016
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(20 July, 2016, Hong Kong) Fullshare Holdings Limited (“Fullshare Holdings” or the “Company”, together with its subsidiaries the “Group”; SEHK stock code: 607), is pleased to announce that the Company has entered into the formal agreement with Herong Holdings Group and its subsidiary companies to acquire three properties owned by Herong Holdings Group in the Jiangsu Province with a total consideration of approximately RMB333.9 million.
Upon completion of the transactions, the Company has the right to lease the target properties to the Vendors and the Vendors shall be responsible for the operation and management of target project and target properties. The target properties will be lease out and generated stable cash flow to the Group in supporting the expedite development in healthcare business. The due diligence review and negotiations in relation to the acquisition of target projects and remaining piece of the target properties are still on progress and no formal agreements have been entered into as at the date of the announcement.
Mr. Ji Changqun, Executive Director, Chairman and Co-CEO of Fullshare Holdings said “We are pleased with the progress we made in healthy living business. Accordingly, it is the Company’s strategy to grasp this opportunity to speed up the pace of providing comfortable and sustainable healthy living environment for all. Meanwhile, after completion of the transactions, the Group will be able to gain stable rental, and thus have a greater chance of gaining better returns, and maximizing value for shareholders of the Company.”
On 18 May 2016, the Company entered into a Letter of Intent to acquire four subsidiary companies of Herong Holdings Group, namely Kunshan Ronghui, Zhenjiang Herong, Nantong Ronghui and Nantong Weide, 100% equity interest of a target company holding the target projects and four target properties. Target projects and target properties include the Babylon Plaza Project at Kunshan, Jiangsu Province; Youshan Meidi Garden Project, commercial properties at Zhenjiang; and three commercial properties at Nantong namely Huilong Xincheng Project, Nantong Youshan Meidi Garden Project and Huitong Building Project.