Shangyu Jinjia Properties Co., Ltd. announced that it will raise CNY 90 million in an equity round of funding from new investor Zhejiang Longsheng Group Co., Ltd. on January 12, 2013. The memorandum agreement was signed on the same day. The round will include participation from other existing investors Shidai Jinke Properties Co., Ltd., Zhejiang Jinke Science and Technology Co., Ltd. and Shaoxing Jialike Properties Co., Ltd. who will invest CNY 4 million, CNY 3 million, and CNY 3 million respectively.

Zhejiang Longsheng Group Co., Ltd. will subscribe to shares for CNY 80 million. Zhejiang Longsheng Group Co., Ltd., Shidai Jinke Properties Co., Ltd., Zhejiang Jinke Science and Technology Co., Ltd. and Shaoxing Jialike Properties Co., Ltd. will thereby hold 66.67%, 13.33%, 10%, and 10% stakes respectively. The transaction requires the approval of the Administration for Industry and Commerce of Shangyu City.

The transaction was already approved at the 30th session of the 5th directorate meetng of Zhejiang Longsheng Group Co., Ltd. Pursuant to the transaction the registered capital of the company will increase to CNY 120 million. The shares will be issued with a 1:1 price ratio.