Sino-Ocean Group Holding Ltd. is ramping up its strategic cooperation with Anbang Insurance Group Co. Ltd., which holds a roughly 29.7% stake in the company.
Sino-Ocean Group subsidiary Sino-Ocean Land Ltd. agreed to acquire a 50% stake in Beijing Bangbang Zhiye Co. Ltd. from Anbang subsidiary Beijing Anbang Hexie Zhiye Co. Ltd.
The target company and its subsidiary Beijing Bangbang Commercial Property Co. Ltd. were established in 2016 to engage in real estate development, sales and rentals of commercial properties, property management, and engineering survey and design.
Sino-Ocean Group said it would establish a strategic cooperation relationship with Anbang to promote cooperation between it and Anbang's subsidiaries.
The companies will cooperate in five major areas including real estate development business, strategic investment business, real estate financing business, insurance business and pension business. Sino-Ocean Group noted that the agreement will deepen its cooperation with Anbang by leveraging the latter's real estate resources.
The registered capital of Beijing Bangbang Zhiye company is 200 million yuan. Both Sino-Ocean Land and Beijing Anbang Hexie will transfer 25 million yuan each to the registered capital of the target company within 30 days of the agreement. Both entities will nominate two of Beijing Bangbang Zhiye's four directors.
As of May 9, US$1 was equivalent to 6.36 yuan.