Wolong Real Estate Group Co., Ltd. completed the acquisition of remaining 25% stake in Qingdao Jiayuansheng Property Co., Ltd from Beijing Aotu Tianyuan Investment Co.,Ltd.
January 26, 2012 at 11:00 pm
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Wolong Real Estate Group Co., Ltd. (SHSE:600173) agreed to acquire remaining 25% stake in Qingdao Jiayuansheng Property Co., Ltd from Beijing Aotu Tianyuan Investment Co.,Ltd. for CNY 12.5 million on November 23, 2011. After the transaction is completed, Wolong Real Estate Group will hold 100% stake in Qingdao Jiayuansheng Property. Qingdao Jiayuansheng Property reported total assets of CNY 78.28 million, total liabilities of CNY 29.12 million, net assets of CNY 49.15 million, loss from main operations of CNY 1.07 million and net loss of CNY 0.85 million for the year ended December 31, 2010. For the ten months ending October 31, 2010, Qingdao Jiayuansheng Property reported total assets of CNY 76.88 million, total liabilities of CNY 29.1 million, net assets of CNY 47.78 million, loss from main operations and net loss of CNY 1.37 million. The Board of Directors of Wolong Real Estate Group Co., Ltd. approved the transaction on November 23, 2011.
Wolong Real Estate Group Co., Ltd. (SHSE:600173) completed the acquisition of remaining 25% stake in Qingdao Jiayuansheng Property Co., Ltd from Beijing Aotu Tianyuan Investment Co.,Ltd. on January 27, 2012.
Wolong Resources Group Co Ltd, formerly Wolong Real Estate Group Co Ltd, is a China-based company principally engaged in the development and sales of properties. The Company's projects are mainly situated in Wuhan, Qingyuan and Shaoxing. The Company is also engaged in property management business. The Company operates its businesses principally in East China, Middle China and South China. Through its subsidiaries, it is also involved in the property development and operation, hotel operation, as well as landscape construction, among others.
Wolong Real Estate Group Co., Ltd. completed the acquisition of remaining 25% stake in Qingdao Jiayuansheng Property Co., Ltd from Beijing Aotu Tianyuan Investment Co.,Ltd.