Guangxi Real Estate Group Co., Ltd. acquired Guangxi Wuzhou Real Estate Co., Ltd. from Guangxi Wuzhou Communications Co., Ltd. for approximately CNY 450 million.
December 30, 2020
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Guangxi Real Estate Group Co., Ltd. signed a contract to acquire Guangxi Wuzhou Real Estate Co., Ltd. from Guangxi Wuzhou Communications Co., Ltd. (SHSE:600368) for approximately CNY 450 million on December 9, 2020. The consideration as per contract comprises equity payment of CNY 0.34 million and is paid in one lump-sum. Guangxi Real Estate Group Co., Ltd. will also pay for debt of CNY 449.5 million owed by Guangxi Wuzhou Real Estate Co., Ltd. to Guangxi Wuzhou Communications in three installments, starting from first year of closing. For the year ended December 31, 2019, Guangxi Wuzhou Real Estate Co., Ltd. reported total assets of CNY 9 billion, operating income of CNY 493.8 million, net income of CNY 229.5 million and net assets of CNY 2.5 billion.
Guangxi Real Estate Group Co., Ltd. completed the acquisition of Guangxi Wuzhou Real Estate Co., Ltd. from Guangxi Wuzhou Communications Co., Ltd. (SHSE:600368) on December 28, 2020.
GUANGXI WUZHOU COMMUNICATIONS CO., LTD. is a China-based company, principally engaged in toll collection of roads and real estate business. The Company mainly operates three roads: Tanbai Road, Cenluo Road and Pingbin Road. Its real estate projects include self-built projects, agent construction projects and land projects to be developed. The Company is also engaged in logistics and trading businesses. The Company conducts its businesses within domestic markets and to overseas markets.
Guangxi Real Estate Group Co., Ltd. acquired Guangxi Wuzhou Real Estate Co., Ltd. from Guangxi Wuzhou Communications Co., Ltd. for approximately CNY 450 million.
GUANGXI WUZHOU COMMUNICATIONS CO., LTD. 
