Country Garden Property Services HK Holdings Company Limited entered into the equity transfer agreement to acquire Link Joy Holdings Group Co., Limited from Colour Life Services Group Co., Limited for CNY 3.3 billion.
September 27, 2021
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Country Garden Property Services HK Holdings Company Limited entered into the equity transfer agreement to acquire Link Joy Holdings Group Co., Limited from Colour Life Services Group Co., Limited (SEHK:1778) for CNY 3.3 billion on September 28, 2021. The total consideration of CNY 3.3 billion will be paid in three cash installments, namely, first installment of CNY 2.3 billion, second installment of CNY 700 million and third installment of CNY 300 million, subject to certain conditions. Post completion of the transaction, Link Joy will operate as a subsidiary of CG Property. The transaction will be funded through the internal resources and/or through equity financing and/or loans, etc. of CG Property. If Colour Life fails to obtain a resolution to approve the acquisition issued by its competent authorities by March 1, 2022, CG Property has the right to unilaterally terminate the agreement and will be paid 15% of the consideration by Colour Life as liquidated damages. As of June 30, 2021, the unaudited consolidated net asset value of Link Joy is approximately CNY 1,374 million. The unaudited profit before taxation and profit after taxation of Link Joy for the year ended December 31, 2020, are approximately CNY 412 million and CNY 309 million respectively and for the year ended December 31, 2019, are approximately CNY 418 million and CNY 306 million respectively. The transaction is subject to PRC anti-monopoly law enforcement agency approval. The transaction is subject to approval of Fantasia Holdings Group Co., Limited, the controlling shareholder of Colour Life. As of March 28, 2022. PRC anti-monopoly law enforcement agency has agreed and approved the Acquisition.
As of March 28, 2022. Country Garden Property Services HK Holdings Company Limited entered into a supplemental agreement with Colour Life Services Group Co., Limited (SEHK:1778) following the CG Property Services HK shall be deemed to have fully paid the Second Instalment of Consideration and Colour Life Services shall be deemed to have fully repaid the Loan.
Colour Life Services Group Co., Limited is an investment holding company principally engaged in the provision of property management services. The Company operates its business through three segments. The Property Management Services segment is engaged in the provision of security, cleaning, gardening, repair and maintenance services to residential communities. The Engineering Services segment is engaged in the provision of equipment installation services, repair and maintenance services, automation and other equipment upgrade services. The Community Leasing, Sales and Other Services segment is engaged in common area rental assistance, purchase assistance, residential and retail units rental and sales assistance.
Country Garden Property Services HK Holdings Company Limited entered into the equity transfer agreement to acquire Link Joy Holdings Group Co., Limited from Colour Life Services Group Co., Limited for CNY 3.3 billion.
COLOUR LIFE SERVICES GROUP CO., LIMITED 
