January 18, 2018 / 9:44 AM / 6 months ago

HK's Realord Group says to buy $968 mln Shenzhen property assets

HONG KONG, Jan 18 (Reuters) - Auto parts distributor Realord Group Holdings Ltd said on Thursday it would buy property assets in Shenzhen for an aggregate 6.22 billion yuan ($968.4 million), in a bid to enhance its investment property portfolio.

The Hong Kong-based company will buy the assets, comprising residential and commercial complex, a residential property project and a land site, from its chairman, Lin Xiaohui, and his spouse, Su Jiaohua.

The company said it would settle up to 3.6 billion yuan in cash, 1.1 billion yuan in new shares, and the balance in promissory notes.

Lin and his spouse’s stake in the company will rise to 74.8 percent from 68.65 percent on completion of the deal.

Realord said the aggregate value of its investment property portfolio, comprising assets in Hong Kong and Shenzhen, amounted to HK$1.27 billion ($162.4 million) as of end-June 2017.

The company’s shares ended 9.5 percent higher on Thursday, outpacing a 0.4 percent rise in the benchmark index.

$1 = 6.4232 Chinese yuan $1 = 7.8183 Hong Kong dollars Reporting by Donny Kwok; Editing by Subhranshu Sahu

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