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Beijing Centergate in $2.6 bln property purchase

Tue May 6, 2008 9:20pm EDT

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SHANGHAI, May 7 (Reuters) - Beijing Centergate Technologies (Holding) Co (000931.SZ), developer of the city's Zhongguancun technology district, said on Wednesday it planned an 18 billion yuan ($2.6 billion) share placement to obtain real estate assets.

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Centergate said it would place as many as 1.23 billion new shares at 14.67 yuan each with its controlling shareholder Beijing Pengtai Investment Co and related parties.

In return, it would take over Beijing Pengrun Real Estate Development Co, obtaining a range of real estate assets including some in the western Chinese city of Chongqing.

Pengtai Investment is controlled by billionaire businessman Huang Guangyu, owner of GOME Electrical Appliances Holdings (0493.HK), China's biggest electronics retailer.

Shares in Centergate have been suspended since last September 28, when they closed at 14.76 yuan. ($1 = 6.98 yuan) (Reporting by Andrew Torchia; editing by Ken Wills)

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