China Jinmao (00817) issued an announcementPlayingblackjackOn May 15, 2024, Jinmao Southwest (the company's indirect wholly-owned subsidiary) signed an equity transfer agreement with Jiaxing Zhenmao and Chengdu Yuemao. Jinmao Southwest agreed to acquire while Jiaxing Zhenmao agreed to sell 49% of Chengdu Yuemao, with a total consideration of about 11.Playingblackjack92.8 billion yuan (RMB, the same as below).
Chengdu Yuemao was founded on April 8, 2022. As of the date of this announcement, Chengdu Yuemao has a registered capital of 2.3203 billion yuan, which is 51% and 49% owned by Chongqing Shanmao and Jiaxing Zhenmao, respectively. Upon completion of this transaction, Chengdu Yuemao will become an indirect wholly-owned subsidiary of the company. Chengdu Yuemao is engaged in the development of this project (Chengdu Yuehu Jinmaoyue project). The project is located in Yuehu Science and Technology City, Wuhou District, Chengdu. The project covers an area of about 42800 square meters and has been developed into a saleable residential project with a total construction area of about 123700 square meters. It was completed in March 2024. Chengdu Yuemao's audited total asset value as of December 31, 2023 is about 4.164 billion yuan, and the audited net asset value is about 2.323 billion yuan.
Jiaxing Zhenmao plans to sell its stake in Chengdu Yuemao for its own reasons, the announcement said. Prior to this transaction, Chengdu Yuemao was an indirect non-wholly owned subsidiary of the company, and its daily operation and management and the development of the project were led by the Group. Through this transaction, Chengdu Yuemao will become an indirect wholly-owned subsidiary of the company, which will ensure the successful completion of the project and the smooth completion of all related matters.