Core Viewpoint - China Jinmao (00817) has entered into a cooperation development agreement involving its indirect wholly-owned subsidiary Beijing Yicheng and partners for a land development project in Beijing, which includes a loan agreement and equity acquisitions [1][2] Group 1: Cooperation Development Agreement - Beijing Yicheng has agreed to provide a total of up to RMB 921 million as earnest money loan to Fuzhou Yucheng, with an annual interest rate of 6% [1] - Beijing Yicheng and Jianfa Shenggao conditionally agreed to acquire 36% and 35% equity stakes in Beijing Zhaoxing, respectively [1] - As of the announcement date, Beijing Yicheng has already provided RMB 921 million to Fuzhou Yucheng as per the cooperation agreement [1] Group 2: Equity Acquisition and Financial Details - Following the completion of the acquisition conditions for Beijing Zhaoxing, a transfer agreement will be signed on April 16, 2025, with a total consideration of RMB 1.84 billion for the equity and debt stakes [1] - Beijing Yicheng's consideration for the transfer of the targeted equity is RMB 933 million [1] - Post-acquisition, the equity stakes in Beijing Zhaoxing will be 36% for Beijing Yicheng, 35% for Jianfa Shenggao, and 29% for Fuzhou Yucheng, making Beijing Zhaoxing an indirect non-wholly-owned subsidiary of the company [1] Group 3: Land Development Project - Fuzhou Yucheng won the land use rights for the targeted plot through a public bidding process for RMB 2.4345 billion on November 29, 2024 [2] - The targeted plot, located in Fengtai District, Beijing, covers approximately 30,414.3 square meters with a planned gross floor area of about 60,828 square meters, intended for residential development [2] - The project is expected to be completed by December 2026, enhancing the group's market share and brand influence in Beijing [2]
中国金茂(00817)附属拟收购北京兆兴36%股权