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Zhong An unit signs 204M-yuan deal to buy 51% stake in Chinese property company

Zhejiang Zhongan Shenglong Commercial Co. Ltd., an indirect subsidiary of China New City Commercial Development Ltd. and Zhong An Real Estate Ltd., entered into a 204 million-yuan agreement for the acquisition of a 51% stake in a property company based in Xuzhou, China.

Wanxiang (Fujian) Zhiye Development Co. Ltd. is conditionally selling the stake in Xuzhou City Wanxiang Zhiye Development Co. Ltd., which primarily engages in the development, construction and management of commercial properties in its home city. Funding for the agreed transaction will be provided by China New City and its subsidiaries.

Zhong An and China New City said in a joint statement that China Business Alliance (Beijing) Commercial Investment Co. Ltd. is also taking a 4% stake in the target.

As of May 16, US$1 was equivalent to 6.37 yuan.