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.
GREENLAND HONG KONG HOLDINGS LIMITED
綠地香港控股有限公司
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 337)
DISCLOSEABLE TRANSACTION
ACQUISITION OF PROPERTY
The Company is pleased to announce that on 13 September 2019, the Purchaser, an indirect wholly owned subsidiary of the Company, had won the bid submitted by it through an auction for the acquisition of the Property from the Seller at the Consideration.
As the highest Applicable Percentage Ratio for the Acquisition exceeds 5% but is less than 25%, the Acquisition constitutes a discloseable transaction for the Company under the Listing Rules. Hence, the Acquisition is subject to the announcement and reporting requirements under Chapter 14 of the Listing Rules.
PRINCIPAL TERMS OF THE LISTING-FOR-SALE
On 13 September 2019, the Purchaser had won the bid submitted by it through an auction organised by the Exchange Centre for the acquisition of the Property from the Seller. The principal terms of the Acquisition agreed between the Seller and the Purchaser are as follows:
Date of acceptance of bid submitted by the Purchaser:
13 September 2019
Parties
- the Purchaser as purchaser
- the Seller as seller
The Purchaser is expected to enter into a land grant contract with the Seller on or before 30 September 2019.
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Information on the Property
The Property is the parcel of land with lot number Chengdi 2019-C-12 ( 澄 地2019-C-12) located at the eastern side of Jingui Road, the southern side of Jinke Road and the western side of Changshanda Road, Jiangyin City, Jiangsu Province of the PRC (中國江蘇省江陰市金桂 路 東、金 科 路 南、長山大 道 西 側). The Property has a site area of approximately 76,356 sq.m., and a land use right of 70 years for residential land use, 40 years for commercial land use, and 40 years for service facility premises (commercial) land use.
Consideration and Payment Terms
The Consideration, namely approximately RMB1,192.34 million (approximately HK$1,310.26 million), was the bid price submitted by the Purchaser for the acquisition of the Property, which was determined by the Purchaser with reference to the minimum bid price stipulated by the auction, and the development potential of the Property.
The first instalment of the Consideration of RMB596.17 million (approximately HK$655.13 million), being 50% of the Consideration, shall be paid on or before 13 October 2019. The tender deposit of RMB238.46 million (approximately HK$262.04 million) paid by the Purchaser at the time of submitting its bid to acquire the Property shall be applied as part payment of the said first instalment. The balance of the Consideration of RMB596.17 million (approximately HK$655.13 million) shall be paid on or before 28 December 2019.
REASONS FOR AND BENEFITS OF THE ACQUISITION
The Directors consider that the Property has attractive development potential. The Directors also consider that the terms of the Acquisition are on normal commercial terms, fair and reasonable, and in the interests of the Shareholders as a whole. The Consideration will be payable in cash and funded by internal resources of the Group.
GENERAL
The Company is an investment holding company. The Group is principally engaged in property development, property and hotel investment and property management.
The Seller is a governmental authority of the PRC, which, among other things, has authority to sell state-owned lands. The Exchange Centre is engaged in organising auction process for sellers which want to sell their assets to bidders by auction. To the best of the Directors' knowledge, information and belief and having made all reasonable inquiries, the Seller and the Exchange Centre and their respective beneficial owners are third parties independent of the Company and its connected persons.
LISTING RULES IMPLICATION
As the highest Applicable Percentage Ratio for the Acquisition exceeds 5% but is less than 25%, the Acquisition constitutes a discloseable transaction for the Company under the Listing Rules. Hence, the Acquisition is subject to the announcement and reporting requirements under Chapter 14 of the Listing Rules.
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DEFINITIONS
In this announcement, the following expressions have the following meanings unless the context otherwise requires:
"Acquisition" | the acquisition of the Property by the Purchaser; |
"Applicable Percentage | have the meanings ascribed to them under the Listing Rules; |
Ratio", and | |
"connected person" | |
"Board" | the board of Directors; |
"Company" | Greenland Hong Kong Holdings Limited (綠地香港控股有限公 |
司), a company incorporated in the Cayman Islands with limited | |
liability and the ordinary shares of which are listed on the Main | |
Board of the Stock Exchange; | |
"Consideration" | approximately RMB1,192.34 million (approximately HK$1,310.26 |
million), being the consideration for the acquisition of the | |
Property; | |
"Directors" | the directors of the Company; |
"Exchange Centre" | Public Resources Exchange Centre of Jiangyin City* (江陰市公共 |
資源交易中心); | |
"Group" | the Company and its subsidiaries; |
"HK$" | Hong Kong dollars, the lawful currency of Hong Kong; |
"Hong Kong" | the Hong Kong Special Administrative Region of the PRC; |
"Listing Rules" | the Rules Governing the Listing of Securities on the Stock |
Exchange; | |
"PRC" | People's Republic of China, which for the purposes of this |
announcement, excludes Hong Kong, the Macao Special | |
Administrative Region and Taiwan; | |
"Property" | the parcel of land with lot number Chengdi 2019-C-12 (澄地2019- |
C-12) located at the eastern side of Jingui Road, the southern side | |
of Jinke Road and the western side of Changshanda Road, Jiangyin | |
City, Jiangsu Province of the PRC (中國江蘇省江陰市金桂路東、金 | |
科路南、長山大道西側); |
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"Purchaser" | 無錫國盛房產開發有限公司 ( W u x i G u o s h e n g P r o p e r t y |
Development Company Limited*), a company established in the | |
PRC with limited liabilities; | |
"RMB" | Renminbi, the lawful currency of the PRC; |
"Seller" | Bureau of Natural Resources and Planning of Jiangyin City* (江陰 |
市自然資源和規劃局); | |
"Shareholders" | holders of the ordinary share(s) of HK$0.50 each in the share |
capital of the Company; | |
"sq.m." | square meters; |
"Stock Exchange" | The Stock Exchange of Hong Kong Limited; and |
"%" | per cent. |
For the purposes of this announcement, an exchange rate of HK$1 = RMB0.91 has been used for currency translation, where applicable. Such exchange rate is for illustration purposes only and does not constitute any representations that any amount in RMB or HK$ has been, could have been or may be converted at such rate.
By order of the Board
Greenland Hong Kong Holdings Limited
Chen Jun
Chairman
Hong Kong, 13 September 2019
As at the date of this announcement, the executive directors of the Company are Mr. Chen Jun, Mr. Wang Weixian, Mr. Hou Guangjun, Mr. Wu Zhengkui and Ms. Wang Xuling; and the independent non-executive directors of the Company are Mr. Cheong Ying Chew, Henry, Mr. Fong Wo, Felix, JP and Mr. Kwan Kai Cheong.
- For identification purposes only
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Disclaimer
Greenland Hong Kong Holdings Limited published this content on 13 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2019 10:21:02 UTC