Xiangtan Xindu Real Estate Development Co., Ltd completed the acquisition of Hunan Harakosan Urban Development Co., Ltd. form Harakosan Co., Ltd..
January 23, 2014 at 11:00 pm
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Xiangtan Xindu Real Estate Development Co., Ltd agreed to acquire Hunan Harakosan Urban Development Co., Ltd. form Harakosan Co., Ltd. (TSE:8894) for CNY 10 million (approximately ¥170 million) on December 12, 2013. Xiangtan Xindu will acquire 44 million shares of Hunan Harakosan Urban Development. Hunan Harakosan Urban reported negative net assets of ¥126.35 million, total assets of ¥7.55 billion, sales of ¥44.37 million, operating loss of ¥201.61 million and net loss of ¥291.8 million for period ended December 2012. The transaction was resolved by the Board of Directors of Harakosan Co., Ltd. on December 12, 2013. The contract conclusion is expected to take place on December 17, 2013 and transaction is expected to be completed on January 10, 2014. The currency conversion was made through www.oanda.com as on December 12, 2013.
Xiangtan Xindu Real Estate Development Co., Ltd completed the acquisition of Hunan Harakosan Urban Development Co., Ltd. form Harakosan Co., Ltd. (TSE:8894) on January 24, 2014.
REVOLUTION CO.,LTD., formerly HARAKOSAN CO., LTD. is a Japan-based company mainly engaged in the real estate business. The Company operates in two business segments. The Real Estate Sale segment is engaged in the sale and sale agency of condominiums, the planning, design and sale of detached houses, as well as the sale and brokerage of real estate. The Real Estate Leasing and Management segment is engaged in the real estate leasing business, the real estate management business and the real estate brokerage business.