Daiwa House Industry Co.,Ltd. agreed to acquire remaining 33% stake in Hebao Real Estate Development Co., Ltd. from Zhejiang Baoye Real Estate Group Co., Ltd. for approximately CNY 310 million.
March 28, 2019
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Daiwa House Industry Co.,Ltd. (TSE:1925) agreed to acquire remaining 33% stake in Hebao (Nantong) Real Estate Development Co., Ltd. from Zhejiang Baoye Real Estate Group Co., Ltd. for approximately CNY 310 million on March 29, 2019. As of December 31, 2018, Hebao (Nantong) Real Estate Development Co., Ltd. reported net loss of CNY 37.3 million and total common equity of CNY 831.9 million. Directors of the Hebao (Nantong) Real Estate Development Co., Ltd appointed by Zhejiang Baoye Real Estate Group Co., Ltd.shall resign. Baoye Group Company Limited (SEHK:2355) parent of Zhejiang Baoye Real Estate Group Co., Ltd and its subsidiaries will record gain of approximately CNY 20.5 million and intends to use the net proceeds from the disposal as general working capital and funding of possible acquisition of land reserve for property development businesses in the future.
Daiwa House Industry Company is a building and civil engineering works group organized around 5 areas of activity:
- construction and sale of business real estate assets (42.4% of net sales): offices, industrial sites, distribution centers, etc.;
- rental housing (25.4%);
- construction and sale of residential real estate assets (20.2%);
- renovation services (3.4%);
- other (8.6%): primarily production of building materials and logistic services.
Daiwa House Industry Co.,Ltd. agreed to acquire remaining 33% stake in Hebao Real Estate Development Co., Ltd. from Zhejiang Baoye Real Estate Group Co., Ltd. for approximately CNY 310 million.
DAIWA HOUSE INDUSTRY CO., LTD. 
