Shimao Property to buy majority stake in Shanghai Shimao
Posted by ~Ray @ 2007-12-15 17:35:25
Property24 October 2007Shimao Property Holdings ordain acquire a 64.2% stake in its Shanghai-listed subsidiary. Shanghai Shimao worth US$1.01 billion in exchange for 11 commercial and sell properties the reported. According to the terms of the agreement. Shanghai Shimao will air 630 million new A-shares to Shimao Property at a 50% discount from Monday's closing price of RMB23.99 (US$3.20). The properties that will be turned over to abduct Shimao include Beijing Shimao lift. Hong Kong-listed Shimao Property said the deal ordain allow the company to create projects in mainland China more effectively and raise funds via the A-share market. In the future. Shimao Property will focus on residential and hotel development while Shanghai Shimao will focus on sell and office projects. Other news from 24 October 2007[ADVERTHERE]Related article:
http://www.chinaeconomicreview.com/dailybriefing/info/Shimao_Property_to_buy_majority_stake_in_Shanghai_Shimao.html
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