Guangzhou Mingjun Hechuang Property Management Co., Ltd. signed an equity transfer agreement to acquire an 80% stake in Guangzhou Dongjin Real Estate Co., Ltd. from Guangdong Highsun Group Co.,Ltd. for approximately CNY 210 million.
July 28, 2020
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Guangzhou Mingjun Hechuang Property Management Co., Ltd. signed an equity transfer agreement to acquire an 80% stake in Guangzhou Dongjin Real Estate Co., Ltd. from Guangdong Highsun Group Co.,Ltd. (SZSE:000861) for approximately CNY 210 million on July 27, 2020. The board of directors of Guangdong Highsun Group approved the proposal on July 27, 2020. Out of total consideration CNY 90 million will be paid within 180 days of signing of an agreement, second equity transfer payment of CNY 40 million will be paid within 30 days from the transfer of first payment and remaining CNY 80 million shall be paid in 24 installments in 24 quarters from the date of completion of the registration of the equity transfer change. As of December 31, 2019, Guangzhou Dongjin Real Estate reported total assets of CNY 44.88 million, total liabilities of CNY 2.62 million, net assets of CNY 42.26 million, total accounts receivable of CNY 0.265 million, operating revenue of CNY 34.24 million, operating profit of CNY 19.77 million, net profit of CNY 18.93 million and net cash flow from operating activities of CNY 0.86 million.
GUANGDONG HIGHSUN GROUP CO.,LTD. is a China-based company principally engaged in property leasing and management, as well as department store retailing business. The Company operates through three business segments. Financial segment mainly include factoring, small loans, Internet small loans, finance leasing and commercial payment, among others. Entertainment segment mainly includes theater performances and commercial performances. Commercial segment is mainly involved the operation of leased property and self-built real estate projects. The Company operates its business in domestic market, with South China as its main market.
Guangzhou Mingjun Hechuang Property Management Co., Ltd. signed an equity transfer agreement to acquire an 80% stake in Guangzhou Dongjin Real Estate Co., Ltd. from Guangdong Highsun Group Co.,Ltd. for approximately CNY 210 million.