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CITIC Pacific Ltd's Indirect Non Wholly Owned Subsidiary Announces Disposal Of Property To Citic Bank

Tuesday, 29 Oct 2013 05:35am EDT 

CITIC Pacific Ltd announced that on October 29, 2013, Shanghai Xintai, an indirect non-wholly owned subsidiary of the Company, entered into the Framework Agreement with CITIC Bank, pursuant to which Shanghai Xintai agreed to sell and CITIC Bank agreed to purchase the property for a consideration of CNY2.500 billion (equivalent to approx HKD3.150 billion). Pursuant to the Framework Agreement, Shanghai Xintai and CITIC Bank shall enter into the Escrow Agreement in relation to the use of funds in the Escrow Account within seven days after the Framework Agreement becomes effective. Unless otherwise agreed by CITIC Bank, Shanghai Xintai shall use the proceeds from the Disposal maintained in the Escrow Account for payments for expenses in connection with the construction works. Upon completion of the Property and acceptance of delivery by CITIC Bank, all remaining funds from the Escrow Account will be released to Shanghai Xintai. The Group expects to use the balance of such proceeds as working capital and to fund new projects should the opportunity arises. Upon completion of the construction (which is currently expected to be in 2016), the Property will be a fifteen-storey commercial and office development and a four-level underground commercial and culture entertainment development with an estimated total gross floor area of 47,815m2 located at Shanggangxincunjiedao, Pudong New Area, Shanghai, PRC. 

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