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Jiayuan International agrees to buy 70% stake in Hong Kong property company

An indirect wholly owned subsidiary of Jiayuan International Group agreed to purchase 70.1% of the entire issued share capital of Jiayuan StanGroup Development Co. Ltd., a company that holds properties in Hong Kong.

The Jiayuan (Hong Kong) Holdings Ltd. unit will purchase 701 issued ordinary shares in the target company from Tang Shing Bor, a property investor in Hong Kong.

The agreement will be followed by a restructuring of the target company into a group, which will also become the legal and beneficial owner of the entire issued share capital of the seller's other wholly owned companies — Top Galaxy Ltd., Power Gain Investment Ltd., and Sino Harbour Holdings Ltd. — and its subsidiaries.

The Jiayuan unit will pay HK$2.62 billion for the three properties owned by companies that are set to be restructured into the target group. Additionally, the subsidiary will also pay 70.1% of the net asset value of the new group, which is yet to be determined.

The company has agreed to pay an initial deposit of roughly HK$601.2 million before the settlement of the agreement, with the remaining amount to be paid on the completion of the deal, which is expected for July 24, subject to conditions precedent.