Cts Ocean Spring Co., Ltd signed a contract to acquire 49% stake in Guangzhou Tianchen Real Estate Development Co., Ltd. from Guangzhou Pearl River Industrial Development Co., Ltd. for approximately CNY 210 million.
December 17, 2020
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Cts (Qingdao) Ocean Spring Co., Ltd signed a contract to acquire 49% stake in Guangzhou Tianchen Real Estate Development Co., Ltd. from Guangzhou Pearl River Industrial Development Co., Ltd. (SHSE:600684) for approximately CNY 210 million on December 17, 2020. The deposit of CNY 42.6 million that Cts (Qingdao) paid to the Guangdong United Property Rights Exchange Center was transferred from the Guangdong United Property Rights Exchange Center to Guangzhou Pearl River Industrial Development without interest, and it was automatically converted into a part of the transaction price. The balance of the transaction price of CNY 170.4 million after deducting the deposit shall be paid in one lump sum within 3 working days from the effective date of this contract, and the transaction price shall be paid through the special settlement account of the Guangdong United Property Rights Exchange. Guangdong United Property Rights Exchange Center will directly transfer CNY 213 million to Guangzhou Pearl River Industrial Development’s account without interest within 5 working days from the date of receipt of the confirmation of equity transaction recognition signed by both parties.
Guangzhou Pearl River Development Group Co Ltd, formerly Guangzhou Pearl River Industrial Development Co Ltd, is a China-based company, principally engaged in the development and distribution of real estate. The Company's portfolio consists of residential properties, which are situated in Guangzhou, Guangdong province and Changsha, Hunan province, including Zhujiangjiayuan, Yudongyayuan and Zhujianghuacheng. The Company is also engaged in the provision of property leasing and management services and health management consulting services. The Company conducts its businesses in Guangzhou, Changsha, Hefei and Sanya.
Cts Ocean Spring Co., Ltd signed a contract to acquire 49% stake in Guangzhou Tianchen Real Estate Development Co., Ltd. from Guangzhou Pearl River Industrial Development Co., Ltd. for approximately CNY 210 million.