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Yangzijiang Shipbuilding (Holdings) Ltd's Subsidiary Announces Incorporation Of Jiangsu Huaxi Yangzi Property Development Co Ltd

Monday, 5 Nov 2012 12:08pm EST 

Yangzijiang Shipbuilding (Holdings) Ltd announced that the Company, through its wholly owned subsidiary, Jiangsu New Yangzi Shipbuilding Co., Ltd (JNYSCO), has entered into an agreement with Jiangsu Huaxi Property Development Co., Ltd (JHPD) and Jiangsu Huadu Real Estate Co., Ltd (Jiangsu Huadu) to incorporate a new subsidiary, Jiangsu Huaxi Yangzi Real Estate Co., Ltd (JHYRE) in the People’s Republic of China with a registered paid-up capital of RMB300 million. JNYSCO, JHPD and Jiangsu Huadu will invest RMB150 million, RMB120 million and RMB30 million by subscribing for 50%, 40% and 10% equity interest in the share capital of JHYRE respectively. The Company will hold 3 board seats while JHPD and Jiangsu Huadu will hold 1 board seat each in JHYRE. JHPD and Jiangsu Huadu are the wholly owned subsidiaries of Jiangsu Huaxicun Co Ltd. JHYRE will be principally involved in the land development after JNYSCO vacates its current premises. 

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