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Beijing Properties (Holdings) Ltd Announces Acquisition Of 75% Equity Interest In Holiday Inn Downtown Beijing Company Limited


Monday, 28 Oct 2013 07:00am EDT 

Beijing Properties (Holdings) Ltd announced that on October 28, 2013, the Purchaser (a wholly-owned subsidiary of the Company) and the Vendor have entered into the Agreement, pursuant to which, the Vendor has conditionally agreed to sell and the Purchaser has conditionally agreed to purchase the Sale Equity Interest, which represents 75% of the registered share capital of the Target Company, at the Consideration of CNY415,620,300 (equivalent to approximately HKD525,383,400). The Consideration will be satisfied by way of cash payable by the Purchaser to the Vendor. The Consideration will be payable by the Purchaser to the Vendor by cash in the following manner: CNY120,000,000 in form of tendering deposit which has been kept in the Stakeholder Account; and CNY295,620,300 payable to the Stakeholder Account within 10 working days after the Agreement has taken effect. The Completion of the sale and purchase of the Sale Equity Interest shall take place upon the completion of the Registration of Change. 

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