Henan Haotong Property Co., Ltd. agreed to acquire Sanmen Gorge Donghua Real Estate Development Co., Ltd. from Guangzhou Donghua Enterprise Co., Ltd. for CNY 160 million.
Before March 31, 2014, Henan Haotong will pay CNY 20 million and funding of CNY 20 million owed by Sanmen Gorge to Guangzhou Donghua. Guangzhou Donghua will transfer 19% of stake within 30 days after the receiving this mentioned payment. Henan Haotong will pay remaining amount of CNY 29.79 million for the stake, CNY 27.67 million for debt and CNY 12.53 million liabilities owed by Sanmen Gorge to Guangdong Fuyin Construction Engineering Co., Ltd in two installments, paid once every half year. Guangzhou Donghua will transfer 51% of stake within 30 days after the receiving this mentioned payment. If Henan Haotong pays the full amount of consideration in advance, then Guangzhou Donghua will transfer 100% of stake within 30 days after the receiving the payment.
Sanmen Gorge Donghua reported total assets of CNY 248.16 million, net assets of CNY 37.01 million, revenue of CNY 89.4 million and net profit of CNY 0.33 million for period ended December 31, 2012. The transaction was approved by Board of Directors of Guangzhou Donghua.