Shanghai Yaoke Properties Ltd., a wholly owned subsidiary of Jingrui Holdings Ltd., agreed to pay nearly 215.2 million yuan for the purchase of two Chinese companies, which collectively own various properties in Beijing's Haidian district.
Under the deal, Shanghai Yaoke will buy a 99% shareholding of Beijing City No. 1 Investment Center (LP) in each of Beijing Zhongguan Yayuan Business Management Co. Ltd. and Beijing Zhongguan Xinyuan Business Management Co. Ltd. and a 1% stake of Beijing Hanhe Investment Management Co. Ltd. also in each of the two targets.
Beijing Zhongguan Yayuan is the owner of four units at No. 15 Haidian Middle St. that have a collective gross floor area of 2,812 square meters and 10 parking spaces. Beijing Zhongguan Xinyuan, on the other hand, holds a 2,557-square-meter unit with a parking area for 10 vehicles in the same compound.
The acquisition is expected to help the Hong Kong-listed Jingrui Holdings in achieving its goal of expanding its business, income stream and geographical presence, the company noted in a filing.
As of March 26, US$1 was equivalent to 6.27 yuan.