ZHUGUANG HOLDINGS GROUP COMPANY LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
ZHUGUANG HOLDINGS GROUP COMPANY LIMITED珠 光 控 股 集 團 有 限 公 司 *
(incorporated in Bermuda with limited liability)
(Stock Code: 1176) DISCLOSEABLE TRANSACTION: SUCCESSFUL BID FOR LANDThe Board is pleased to announce that on 23 September 2016, China Honest, a wholly-owned subsidiary of the Company, made successful bid for the land use rights of the Land Parcels through open tender auction organised by Fengshun County Public Resources Trading Centre at the Land Grant Price.
As one of the applicable percentage ratios is greater than 5% but less than 25% for the purpose of Rule 14.07 of the Listing Rules, the Land Acquisition Transaction constitutes a discloseable transaction for Company under the Listing Rules and is therefore subject to the notification and announcement requirements under the Listing Rules.
INTRODUCTIONThe Board is pleased to announce that on 23 September 2016, China Honest, a wholly-owned subsidiary of the Company, made successful bid for the land use rights of the Land Parcels through open tender auction organised by Fengshun County Public Resources Trading Centre at the Land Grant Price. Fengshun County Public Resources Trading Centre and China Honest have entered into the Bid Confirmation confirming that China Honest has successfully bid for the land use rights in respect of the Land Parcels at the Land Grant Price.
* For identification purpose only
DETAILS OF THE OPEN TENDER AUCTIONDate : 23 September 2016
Parties : (1) Fengshun County Land Resources Bureau, a governmental body in the PRC and is responsible for, among other things, administrating the approval of land planning, assignment and transfer of the land use right of state-owned land in Fengshun County
(2) China Honest
To the best of the knowledge, information and belief of the Directors having made all reasonable enquiry, Fengshun County Land Resources Bureau and its ultimate beneficial owner(s) are Independent Third Parties.
Surety paid in order to An aggregate sum of RMB59,100,000 (equivalent to approximately become a qualified HK$68,707,000) was deposited with the Fengshun County Land bidder (保證金): Resources Bureau as surety to qualify to bid for the Land Parcels,
which constitutes the deposit for the Land Parcels and part of the Land Grant Price.
Land Grant Price: The total land transfer price (also being the value of the Land
Parcels taken by the Group) is RMB597,310,000 (equivalent to approximately HK$694,409,000).
Pursuant to the terms set out in the Bid Confirmation, China Honest shall pay the Land Grant Price as to 50% (including the surety paid) within 30 days after the date of signing of the Land Use Right Grant Contracts and the balance within 60 days from the date of signing of the Land Use Right Grant Contracts.
Land for transfer: The Land Parcels
Term of land use right: 40 years for commercial purpose and 70 years for residential
purpose.
Use of the Land Parcels: The Land Parcels, with an aggregate size of 280,835.70 sq. m.,
are proportionated as to 4% for commercial purpose and 96% for residential purpose.
Other principal terms: | 1. | Pursuant to the Bid Confirmation, China Honest has to enter |
into the Land Use Right Grant Contracts within 10 business | ||
days after the completion of the open tender auction in | ||
respect of the Land Parcels, failing which Fengshun County | ||
Land Resources Bureau will cancel the rights to acquire the | ||
2. | land use right of the Land Parcels Pursuant to the information set out in the Bid Confirmation: |
The Land Parcels will be handed over to China Honest within 10 days from the date of full settlement of the Land Grant Price.
Construction shall be commenced within 1 year from the date of handover of the Land Parcels and shall be completed within 3 years.
The Land Grant Price was arrived at as a result of successful bid by China Honest through open tender auction. Such price was determined having taken into account the current property market conditions of Fengshun County, Meizhou City, Guangdong Province, the PRC and the development potential of the Land Parcels.
The Land Grant Price has been and will be funded by the Group's internal resources.
REASONS FOR THE TRANSACTIONThe Land Parcels are located in Fengshun County, Meizhou City of the Guangdong Province, the PRC, a county famous for the hot spring resources which is a major tourism attraction. It is currently proposed that various types of villas, high-rise apartment buildings and ancillary commercial development will be constructed on the Land Parcels. The Directors believe that the Land Acquisition Transaction will increase the Group's land reserve and geographical coverage which is in line with the strategies of the Group.
The Directors are of the view that the terms of Land Acquisition Transaction are fair and reasonable and in the interests of Group and the Shareholders as a whole.
INFORMATION ON THE COMPANYThe Company is an investment holding company. The principal activities of the Group are property development and sales, property investment and property rental and project management in the PRC.
REQUIREMENTS UNDER THE LISTING RULESAs one of the applicable percentage ratios is greater than 5% but less than 25% for the purpose of Rule 14.07 of the Listing Rules, the Land Acquisition Transaction constitutes a discloseable transaction for the Company under the Listing Rules and is therefore subject to the notification and announcement requirements under the Listing Rules.
DEFINITIONSIn this announcement the following expressions shall, unless the context requires otherwise, have the following meanings:
"Bid Confirmation" the bid confirmations (成交確認書) entered into between China
Honest and Fengshun County Public Resources Trading Centre and dated 23 September 2016 confirming the successful bid by China Honest for the land use rights in respect of the Land Parcels at the Land Grant Price
"Board" the board of Directors
"China Honest" China Honest International Investments Limited (創豪國際投
資有限公司), a limited liability company incorporated in Hong Kong and a wholly-owned subsidiary of the Company
"Company" Zhuguang Holdings Group Company Limited, a company incorporated in Bermuda with limited liability, the shares of which are listed on the Main Board of the Stock Exchange
"Director(s)" the director(s) of the Company
"Group" the Company and its subsidiaries
"Fengshun County Land Fengshun County Land Resources Bureau * (豐順縣國土資 Resources Bureau" 源局)
"Fengshun County Public Fengshun County Public Resources Trading Centre* (豐順縣 Resources Trading Centre" 公共資源交易中心)
"HK$" Hong Kong dollar(s), the lawful currency of Hong Kong
"Hong Kong" The Hong Kong Special Administrative Region of the PRC
Zhuguang Holdings Group Company Ltd. published this content on 27 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 September 2016 12:55:07 UTC.
Original documenthttp://attachment.zhuguang.com.hk/files/3/2016/0927/20160927203202_10217185_en.pdf
Public permalinkhttp://www.publicnow.com/view/B26280D2D345C49E8519C11670123C91B940F17A
