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Country Garden Holdings Co Ltd Announces Acquisition Of 49% Equity Interest In Qingyuan Country Garden Xinya Property Development Company Limited


Monday, 28 Oct 2013 07:35am EDT 

Country Garden Holdings Co Ltd announced that on October 28, 2013, Shunde Country Garden, a wholly owned subsidiary of the Company (as purchaser), and the Target Company (a 51% owned subsidiary of the Company) entered into the Share Transfer Agreement with Qingyuan Xinya (as vendor), pursuant to which Qingyuan Xinya agreed to dispose of, and Shunde Country Garden agreed to acquire, the Subject Interest, at a consideration of CNY477,000,000 (equivalent to approximately HKD605,790,000). Upon completion of the Acquisition, the Target Company will become a wholly owned subsidiary of the Company. The Consideration shall be paid by the Purchaser to the Vendor in the following manner: CNY147,000,000 to be paid within five Business Days from the effective date of the Share Transfer Agreement; CNY100,000,000 to be paid within 30 Days from the effective date of the Share Transfer Agreement, provided that if there is any delay in the submission of registrations of transfer of the Subject Interest with the relevant governmental authorities in the PRC due to the Vendor’s delay in signing the relevant documents, such part payment will be paid when the relevant governmental authorities in the PRC acknowledges receipt of the relevant registration documents; CNY130,000,000 to be paid within 90 Days from the effective date of the Share Transfer Agreement; and RMB100,000,000 to be paid within 360 Days from the effective date of the Share Transfer Agreement.