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Shimao Property unit shelves 6.67B yuan property deal

Shimao Property Holdings Ltd. unit Shanghai Shimao Co. Ltd. will not proceed with a proposed nonpublic issuance of no more than 750,000,000 new A shares to a fixed number of investors.

The unit originally intended to raise up to 6.67 billion Chinese yuan for the purchase of three Chinese project companies. However, Shanghai Shimao decided to abandon the plan as the China Securities and Regulatory Commission has yet to approve the proposal, as of Oct. 11.

However, the three equity transfer deals signed as part of the proposal will still move forward. The first deal involved Shanghai Shimao's 2.45 billion-yuan acquisition of Shanghai Shimao Jianshe Co. Ltd.'s 51% equity interests in Qianhai Shimao Development (Shenzhen) Co. Ltd.

The second is an agreement with Shimao Jianshe and Shanghai Shiying Investment Co. Ltd. for Shanghai Shimao's acquisition of Nanchang Shuicheng Investment Co. Ltd.'s entire equity interests for 670.6 million yuan.

The third agreement is for the acquisition of entire equity interests in Hangzhou Shimao Ruiying Real Estate Co. Ltd. from Far Flourish Ltd. for about 1.55 billion yuan.

Qianhai Shimao, Nanchang Shuicheng and Hangzhou Shimao separately own commercial and office development projects across China.

As of Oct. 11, US$1 was equivalent to 6.73 Chinese yuan.