Guangzhou Zhongqiao Property Investment Holding Group Co., Ltd. cancelled the acquisition of remaining 49% stake in Guangzhou Suifang Honghua Technology Development Co., Ltd. from Guangzhou Pearl River Industrial Development Co., Ltd..
March 03, 2021
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Guangzhou Zhongqiao Property Investment Holding Group Co., Ltd. signed a memorandum of understanding to acquire remaining 49% stake in Guangzhou Suifang Honghua Technology Development Co., Ltd. from Guangzhou Pearl River Industrial Development Co., Ltd. (SHSE:600684) on November 16, 2020. As at September 30, 2020, Guangzhou Suifang Honghua Technology Development had total assets worth CNY 332.8 million and net assets worth 121.9 million. For the 12 months ending December 31, 2019, Guangzhou Suifang Honghua Technology Development had revenues of 2.4 million and net loss of 29.2 million.
Guangzhou Zhongqiao Property Investment Holding Group Co., Ltd. cancelled the acquisition of remaining 49% stake in Guangzhou Suifang Honghua Technology Development Co., Ltd. from Guangzhou Pearl River Industrial Development Co., Ltd. (SHSE:600684) on March 2, 2021. As agreed in the initial MoU, since the initial contract was not fulfilled, Guangzhou Pearl River Industrial Development Co., Ltd will now acquire the remaining 51% stake in Guangzhou Suifang Honghua Technology Development Co., Ltd. from Guangzhou Zhongqiao Property Investment Holding Group Co., Ltd for CNY 1.
Guangzhou Pearl River Development Group Co Ltd, formerly Guangzhou Pearl River Industrial Development Co Ltd, is a China-based company, principally engaged in the development and distribution of real estate. The Company's portfolio consists of residential properties, which are situated in Guangzhou, Guangdong province and Changsha, Hunan province, including Zhujiangjiayuan, Yudongyayuan and Zhujianghuacheng. The Company is also engaged in the provision of property leasing and management services and health management consulting services. The Company conducts its businesses in Guangzhou, Changsha, Hefei and Sanya.
Guangzhou Zhongqiao Property Investment Holding Group Co., Ltd. cancelled the acquisition of remaining 49% stake in Guangzhou Suifang Honghua Technology Development Co., Ltd. from Guangzhou Pearl River Industrial Development Co., Ltd..