Overseas Chinese Town (Asia) Holdings Limited (hereinafter referred to as OCT (Asia)) was listed on t…
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(March 7, 2016, Hong Kong) Overseas Chinese Town (Asia) Holdings Limited (“OCT (Asia),” the “Company,” together with its subsidiaries (the “Group,” HKSE stock code: 3366.HK) is pleased to announce Chengdu OCT Chuang Ying Enterprise Management Co., Ltd. (“OCT Chuang Ying”), a wholly-owned subsidiary of Chengdu Tianfu OCT Industry Development Co., Ltd. (“Chengdu OCT”) which is a non-wholly owned subsidiary of OCT (Asia), acquired a 50% equity interest of Chengdu Baoxin Quansheng Real Estate Development Limited (“Baoxin Quansheng”), a wholly owned subsidiary of Chengdu Baoxin Investment Company Limited (“Baoxin Investment”), for a total consideration of RMB 25,000,000 (approximately HK$ 29,761,905). After the acquisition is completed, OCT Chuang Ying and Baoxin Investment will each hold 50% of Baoxin Quansheng. Baoxin Investment is a wholly owned subsidiary of Poly Real Estate Group Company Limited.
The acquisition is to develop a commercial residential project with Baoxin Investment. The project is located in the center of Jinniu District, Chengdu, Sichuan Province, and enjoys an enviable geographical location with sufficient ancillary facilities, and the Board considers that the project possesses good development potential.
In recent years, Chengdu has boasted a strong economy and dynamic real estate sector, and it shows considerable growth potential over the coming years. Chengdu is a core development city with regards to the Group’s expansion strategy. The Group has established a city complex with commercial, residential and entertainment projects, and continues to optimize its investment mix in this area. The acquisition of this project is another step meant to strengthen profit ability and to enhance the Group’s brand impact in the Southwest China region. Looking forward, OCT (Asia) will continue expanding with momentum to attain maximum profit returns for our shareholders.