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Zhuguang Holdings unit to pay 1.70B yuan for Chinese property company

The consideration payable by Zhuguang Holdings Group Co. Ltd. subsidiary Xianghe County Yijing Property Development Co. Ltd. for its acquisition of a project company in China was reduced to about 1.70 billion Chinese yuan from roughly 1.81 billion yuan, following extended negotiations.

In a filing, Zhuguang Holdings said the value of the deal with private investors Tong Dexin and Tong Demin for the purchase of Xianghe Jingang Real Estate Development Co. Ltd. was lowered after taking into consideration the size and value of the target's assets and debt.

Xianghe Jingang holds two industrial land parcels and two residential land plots in Langfang, China, which will be developed into an approximately 224,694-square-meter project. It also has an existing contract to carry out real estate services for the Chinese villages of Xutai, Jinxinzhuang and Cuokou, as well as for the Zhouyuanshafa Accessories Market.

Payment of the revised consideration for the transaction will be made in installments, according to a filing.

As of March 13, US$1 was equivalent to 6.32 Chinese yuan.