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Jiayuan International closes acquisition of Chinese property developer

Jiayuan International Group Ltd. completed the acquisition of Chinese property developer Huiyuan Investment Holdings Ltd. from Shum Tin Ching, its chairman and ultimate controlling shareholder, for nearly 4.16 billion yuan.

The consideration for the deal signed was adjusted after factoring an 8.00% discount to net asset value attributable to the owners of Huiyuan Investment, which holds equity interests in property development project companies in China's Anhui province, according to a filing.

Jiayuan International allocated and subsequently issued 1,377,959,475 shares to Shum at HK$3.513 apiece. The transferred shares translate to approximately 34.94% of Jiayuan International's total number of shares on issue as enlarged by the transaction, the Hong Kong-listed property company added.

As of Aug. 8, US$1 was equivalent to 7.04 yuan.