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Zhong Ao unit agrees to further extension of long stop date for stake deal

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Zhong Ao unit agrees to further extension of long stop date for stake deal

Zhong Ao Home Group Ltd. agreed to further push back the long stop date for its unit's proposed acquisition of a 51% stake in each of Guangxi Huihuang Property Advisory Services Co. Ltd. and Guangxi Huihuang Real Estate Advisory Services Group Co. Ltd. for 100.0 million yuan.

The parties, namely Zhong Ao subsidiary Zhong Wu Hang Property Co. Ltd. and vendors Liang Xiwei, Huang Junhua and Guangxi Huihuang Property, have decided to extend the long stop date to on or before Jan. 31, 2019.

The long stop date was extended to give the parties additional time to satisfy the conditions stated in the agreement, which include, among other things, the completion of the reorganization and the issuance of two valuation reports.