Jianye New Life (09983.HK) intends to acquire 51% of the equity of Henan Tianming Property Management for 33.66 million yuan

On December 31, 2021, Grandway announced that 09983.HK on December 31, 2021, Henan Jianye Property Management Co., Ltd. (the "Buyer"), an independent individual (the "Supplier") and Henan Tianming Property Management Co., Ltd. (the "Target Company"),an indirect wholly-owned subsidiary of the Company, entered into an equity transfer agreement pursuant to which, pursuant to the terms and conditions of the Agreement, the Vendor had agreed to sell and the Buyer had agreed to acquire a 51% stake in the Target Company for a consideration of RMB33.66 million.

Upon completion of the Acquisition, the Target Company will be 51% owned by the Purchaser and 49% by the Seller and will become an indirect non-wholly-owned subsidiary of the Company.

The target company was established as a limited liability company on September 23, 2005 in accordance with the laws of the People's Republic of China. It is a property management service provider and has contracted to provide property management services for projects in Zhengzhou, Luoyang, Zhoukou, Shangqiu, Luohe, Xuchang and Xinzheng, with an area under management of approximately 4,007,000 square meters. As of the announcement date, the target company is 100% owned by the seller.

The Directors are of the view that the Acquisition will enable the Group to further expand and diversify its business operations.

This article originated from Grand Gateway