Sinoer Men's Wear Co., Ltd. completed the acquisition of Jiashan Kanghui Xitang Tourism Real Estate Development Co., Ltd. and Jiashan Kanghui Creation Travel Development Co., Ltd. from Beijing Zhongfu Kanghua Scenic Area Tourism Development Co., Ltd.
April 29, 2020
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Sinoer Men's Wear Co., Ltd. (SZSE:002485) signed an equity transfer agreement to acquire Jiashan Kanghui Xitang Tourism Real Estate Development Co., Ltd. and Jiashan Kanghui Creation Travel Development Co., Ltd. from Beijing Zhongfu Kanghua Scenic Area Tourism Development Co., Ltd. for approximately CNY 390 million on April 23, 2018. As of December 31, 2017, Jiashan Kanghui Xitang Tourism Real Estate Development Co., Ltd. and Jiashan Kanghui Creation Travel Development Co., Ltd. had total assets of CNY 414 million and net assets of CNY 115 million. For the year ended December 31, 2017, Jiashan Kanghui Xitang Tourism Real Estate Development Co., Ltd. had operational loss of CNY 12.7 million and net loss of CNY 14.3 million. The transaction has been approved by the board of Sinoer Men's Wear Co., Ltd. in the 6th meeting of 4th directorate on April 23, 2018.
Sinoer Men's Wear Co., Ltd. (SZSE:002485) completed the acquisition of Jiashan Kanghui Xitang Tourism Real Estate Development Co., Ltd. and Jiashan Kanghui Creation Travel Development Co., Ltd. from Beijing Zhongfu Kanghua Scenic Area Tourism Development Co., Ltd on April 30, 2019.
Cedar Development Co Ltd, formerly Sinoer Men's Wear Co Ltd, is a China-based company mainly engaged in the apparel industry. The Company's main business includes apparel business, supply chain management business and cultural tourism business. The apparel business is mainly responsible for the sales of branded apparel. Its products include suits, shirts and other apparel. The supply chain management business provides comprehensive solutions including multiple comprehensive services such as information flow, logistics, and capital flow. The cultural tourism business is based on the resources of first-line tourism destinations, focusing on the development of cultural tourism towns, channel integration and global tourism development. The Company's products are sold to domestic and foreign markets.
Sinoer Men's Wear Co., Ltd. completed the acquisition of Jiashan Kanghui Xitang Tourism Real Estate Development Co., Ltd. and Jiashan Kanghui Creation Travel Development Co., Ltd. from Beijing Zhongfu Kanghua Scenic Area Tourism Development Co., Ltd.
CEDAR DEVELOPMENT CO.,LTD. 
