Zhejiang International Trade Group Asset Management Co., Ltd signed equity transfer agreement to acquire 60% equity of Zhejiang International Trade Oriental Real Estate Co, 100% stake in Huzhou Oriental Penglai Real Estate Co., Ltd and 61% stake in Zhejiang Xindi Real Estate Co., Ltd from Zhejiang Orient Financial Holdings Group Co., Ltd. approximately CNY 310 million.
March 05, 2021
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Zhejiang International Trade Group Asset Management Co., Ltd signed equity transfer agreement to acquire 60% equity of Zhejiang International Trade Oriental Real Estate Co, 100% stake in Huzhou Oriental Penglai Real Estate Co., Ltd and 61% stake in Zhejiang Xindi Real Estate Co., Ltd from Zhejiang Orient Financial Holdings Group Co., Ltd. (SHSE:600120) for approximately CNY 310 million on March 5, 2021. Within 10 working days after the signing of the equity transfer agreement, the buyer will pay 50% of the transfer amount to the company; within 15 working days after the first payment is paid, and equity change registration procedures, the buyer will pay the company the remaining transfer price. As on August 31, 2020, Zhejiang International had total assets of CNY 542 million net assets of CNY 258 million, Huzhou Oriental Penglai had total assets of CNY 59.7 million net assets of CNY 3.6 million, Zhejiang Xindi Real Estate had total assets of CNY 97 million net assets of CNY 73.4 million.
Zhejiang Orient Financial Holdings Group Co Ltd, formerly ZHEJIANG ORIENT HOLDINGS CO., LTD, is a China-based company principally engaged in the wholesale and retail trading business. The Company operates through Commodity Circulation segment, Similar Financial segment and Real Estate segment. Commodity Circulation segment is involves in the import and export trading and domestic trading, with knitted apparels, woven apparels, home textiles, apparels, shoes and boots as export goods , as well as steel, nonferrous metals, pulp, chemical products and food as domestic trading goods. Similar Financial segment finance leasing, direct investment and fund management. Real Estate segment mainly involves in the sale of Xindilangjun, Baicuizhuang and Junlange projects.
Zhejiang International Trade Group Asset Management Co., Ltd signed equity transfer agreement to acquire 60% equity of Zhejiang International Trade Oriental Real Estate Co, 100% stake in Huzhou Oriental Penglai Real Estate Co., Ltd and 61% stake in Zhejiang Xindi Real Estate Co., Ltd from Zhejiang Orient Financial Holdings Group Co., Ltd. approximately CNY 310 million.