Changchun Middle East Real Estate Development Co., Ltd. agreed to acquire 95% stake in Changchun Eurasian Jingyue Shopping Center Co., Ltd. from Chang Chun Eurasia Group Co., Ltd. for CNY 269.7 million.
August 06, 2020
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Changchun Middle East Real Estate Development Co., Ltd. agreed to acquire 95% stake in Changchun Eurasian Jingyue Shopping Center Co., Ltd. from Chang Chun Eurasia Group Co., Ltd. (SHSE:600697) for CNY 269.7 million on August 5, 2020. As of April 29, 2020, board of directors of Chang Chun Eurasia Group Co., Ltd. approved the transaction. On May 20, 2020, the Sixth Session of the Ninth directorate of Chang Chun Eurasia Group Co., Ltd. reviewed and approved the "Proposal on the Progress of Transfer of Equity in a Wholly Owned Subsidiary". The board of directors agreed that Chang Chun Eurasia Group Co., Ltd. management should hire a qualified intermediary agency to conduct the Audit and evaluation of the overall assets of the Changchun Eurasian Jingyue Shopping Center Co., Ltd. in accordance with procedures. It was agreed that the management of Chang Chun Eurasia Group Co., Ltd. shall transfer 95% of the equity of the Changchun Eurasian Jingyue Shopping Center Co., Ltd through public listing at the Changchun Public Resources Exchange Center in accordance with relevant regulations and the actual situation of the retail chain industry and Changchun Eurasian Jingyue Shopping Center Co., Ltd, and the remaining equity shall be transferred at the appropriate time. Changchun Eurasian Jingyue Shopping Center Co., Ltd. reported total assets of CNY 235.4471 million and net loss of CNY 0.1483 million for March 31, 2020.
Chang Chun Eurasia Group Co Ltd is a China-based company mainly engaged in modern department stores, commercial complexes and supermarket chains. The Company operates its businesses through five segments. The Shopping Mall segment, Large-scale Comprehensive Store segment and Chain Supermarket segment are mainly engaged in comprehensive department stores, the main products include food and department stores, home appliances, clothing and cosmetics and home furnishings. The Real Estate segment is mainly engaged in real estate development and property leasing. The Other segment is mainly engaged in property services, catering services and other businesses. The Company mainly operates its businesses in the domestic market.
Changchun Middle East Real Estate Development Co., Ltd. agreed to acquire 95% stake in Changchun Eurasian Jingyue Shopping Center Co., Ltd. from Chang Chun Eurasia Group Co., Ltd. for CNY 269.7 million.