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Sunac China Holdings Ltd Announces Acquisition Of 100% Equity Interest In Tianjin Rongzheng Investment Co., Ltd.


Wednesday, 10 Jul 2013 10:25am EDT 

Sunac China Holdings Ltd announced that on July 10, 2013, Tianjin Sunac Dingsheng Land Co., Ltd. (Sunac Dingsheng), an indirect wholly-owned subsidiary of Sunac China, entered into the Equity Transfer Agreement with Tianjin Zhenglin Investment Group Co., Ltd., (Zhenglin Investment) and Mr. Zhou Zhonghai (Mr. Zhou), with Hongfa Real Estate, (Hongfa) and Ms. Zhang Tangyan (Ms. Zhang) acting as the guarantors of the equity transfer. Pursuant to which, Sunac Dingsheng agreed to acquire, and Zhenglin Investment and Mr. Zhou agreed to dispose of 100% equity interest held in Tianjin Rongzheng Investment Co., Ltd., (the Target Company) at a cash consideration of RMB1,148,467,866.6. Upon completion of the equity transfer, the Target Company will be held as to 100% by Sunac Dingsheng. Therefore, the Target Company will be accounted for as a wholly-owned subsidiary of the Company. The Target Company is a company established in Tianjin and is primarily engaged in operation of land, investment in infrastructure, sales and development of real estate, investment and operation in commercial property and strategic investment of real estate. The total consideration of the equity transfer is RMB1,148,467,866.6, which was determined by Sunac Dingsheng, Zhenglin Investment and Mr. Zhou after considering, among other things: the registered capital contributed by Zhenglin Investment and Mr. Zhou in the Target Company (RMB504,000,000) and the recurrent loans of the Target Company (RMB644,467,866.6).