Weiye Holdings (01570) announced that on 9 December 2019, Henan Weiye (an indirect wholly-owned subsidiary of the Company) entered into a capital increase agreement with an independent third party and target company (Hunan Jingke Real Estate Co., Ltd.), and Henan Weiye will subscribe to the increased registered capital of the target company of RMB30 million. Upon completion of the proposed capital increase, Henan Weiye and independent third parties will each hold 37.5% and 62.5% of the equity of the target company.
It is reported that the target company is mainly engaged in property development. The main asset of the target company is the land use rights of three plots of land located in Tianxin District, Changsha City, Hunan Province, China.
The Group believes that the capital increase will further develop new investment opportunities for the Group and will strengthen the Group's position in the Chinese real estate market. The conclusion of the capital increase agreement is in line with the Group's business strategy and it is expected that the acquisition will further consolidate the Group's position in the central China property market and will create synergies with the Group's other property projects in China.
Source: Zhitong Finance
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