omniture

OCT (Asia) Acquired the Entire Share Capital of Tianjin Tianxiao with the Consideration of RMB384,995,400

Overseas Chinese Town (Asia) Holdings Limited
2012-11-06 20:18 1318

Tianjin Tianxiao brings positive return and enhances the overall profitability

HONG KONG, Nov. 6, 2012 /PRNewswire/ -- Overseas Chinese Town (Asia) Holdings Limited ("OCT (Asia)" or the "Company", stock code: 03366.HK) and together with its subsidiaries, the "Group", is pleased to announce that Excel Founder Limited ("Excel Founder"), an indirectly wholly-owned subsidiary of the Company entered into agreement with Tianjin Jinbin Development Company Limited ("Tianjin Jinbin") on 2 November 2012. Excel Founder has conditionally agreed to acquire the entire equity interest in the Tianjin Tianxiao Investment Development Company Limited ("Tianjin Tianxiao") from Tianjin Jinbin and all rights attached thereto for the consideration of RMB384,995,400, and will be responsible for the debt of HK$1,047,812,158.66 for Tianjin Tianxiao. The Group intends to satisfy the aforesaid amount by internal resources, shareholder’s loans and/or bank borrowings.

Tianjin Tianxiao was established in the PRC with limited liability in July 2012. It is principally engaged in investment, property development, sale agency of commercial property, design and construction of indoor and outdoor decoration, hotel management, property services, property leasing, the development and sale of construction material and technology, construction engineering, landscape construction.

The major assets of the Tianjin Tianxiao is the land located in the area of Jintang Road, Hedong District, Tianjin, the PRC with a total site area of approximately 131,763.8 square meters. The land has not yet commenced development, but it is planned to be developed as residential and commercial properties with a total maximum gross floor area of approximately 316,230 square meters. Tianjin Tianxiao will start to develop high-rise buildings, multi-storeyed residential flats and shops. It is expected that the construction will commence in 2013 and be completed in 2016.

The Group has gradually developed into a comprehensive developer and operator of commercial complex in the PRC in recent years. It believes the land owned by the Tianjin Tianxiao is in a location with a convenient transportation network, comprehensive amenities in the surrounding areas. In view of the development potential of the land, it is expected that the acquisition can bring positive return and enhance the overall profitability of the group.

About OCT (Asia)

Overseas Chinese Town (Asia) Holdings Limited ("OCT (Asia)") was listed on the Main Board of the Stock Exchange of Hong Kong on 2 November, 2005 (Stock Code: 03366.HK). Besides the manufacture and sales of quality paper-based packaging containers and materials, the Group has started engaging in the comprehensive development since 2007, striving to become an outstanding developer and operator of commercial complex. The Group is currently engaged in commercial complex projects such as Chengdu OCT projects and Shanghai Suhewan projects. Shenzhen Overseas Chinese Town Co., Ltd, the Group’s indirect controlling shareholder, was established with the exclusive initiation by Overseas Chinese Town Enterprises Company, directly under State-owned Assets Supervision and Administration Commission of the State Council and was listed on Shenzhen Stock Exchange on 10 September, 1997.

Please visit http://www.oct-asia.com for more details.

For further information, please contact:

Porda Havas International Finance Communications Group

Keely Chan +852 3150 6760 keely.chan@pordahavas.com 
Cherry Cheung +852 3150 6773 cherry.cheung@pordahavas.com 
Zuki Leung +852 3150 6711 zuki.leung@pordahavas.com 
Aven Yu +852 3150 6795 aven.yu@pordahavas.com 
Jenny Yang +852 3150 6750 jenny.yang@pordahavas.com 

Overseas Chinese Town (Asia) Holdings Limited
Tel: 86-755-26935118
Email: contact.asia@chinaoct.com

Source: Overseas Chinese Town (Asia) Holdings Limited
Related Stocks:
HongKong:3366
collection