SYgle>Industry Information>Jingrui Properties Acquires Shares of Two Hotels for 550 million Yuan

Jingrui Properties Acquires Shares of Two Hotels for 550 million Yuan

Column: industry Tag: Jingrui Properties,HL Global Enterprises,Hotel shares acquisition Published: 2017-02-15 17:52 Source: Author:

Jingrui Holdings Limited published its non-binding memorandum of understanding on the acquisition on Feb. 13, 17 which the wholly-owned subsidiary--Jingrui Properties Group as a buyer signed with HL Global Enterprises Limited (seller) on the same day. The main content is about the potential acquisition of the whole issued shares of LKN Investment International Pte Ltd which holds the whole shares of Shanghai Hutai Real Estate Development Co., Ltd and 60% shares of Copthorne Hotel Qingdao Co., Ltd.

It is suggested the memorandum of understanding by that Jingrui Properties Group buys the whole issued shares of Shanghai Hutai Real Estate Development from HL Global Enterprises, including 15.493 million common shares and 13 million preferred shares. The indicative cost is provisionally 550 million Yuan, 20 million of which has to be paid directly into the bank account of LKN Investment International to redeem part of the debts burdened by Copthorne Hotel Qingdao except the bank loans and shareholder loan. Besides, Jingrui Properties Group is supposed to pay HL Global Enterprises the earnest money for 20 million Yuan.

The counterparty agrees that LKN Investment International can continue to take its 60% shares of Copthorne Hotel Qingdao listed on Shanghai Assets and Equity Exchange and sell them in an open bid before the completion of the proposed acquisitions with Jingrui Properties, as is the case with CAAC.

About HL Global Enterprises

It is reported that HL Global Enterprises is a Singapore-based holding company, also incorporated in Singapore and Listed with the stock code 'AVX' on Singapore Exchange Securities Trading Limited. HL Global Enterprises and its subsidiary LKN Investment International develop businesses mainly containing property investments and development, hotel management and consult, and serviced apartment operations.

About Shanghai Hutai Real Estate Development

Shanghai Hutai Real Estate Development was found in Nov. 1992. It invests, builds and manages a serviced apartment complex named Shanghai Elite Residences with 106 restored apartment units, located in ChangLing district, Shanghai, China. Its registered capital has reached to about 79.50 million Yuan until the publishing.

About Copthorne Hotel Qingdao

Copthorne Hotel Qingdao is invested by both LKN Investment International and Civil Aviation Administration of China (CAAC), and became a joint venture in 1994 to invest, build up and manage a centrally-located hotel in Qingdao commerce center which include a building, a convention center and 455 rooms & suites. Its registered capital has reached to about 217 million Yuan until the publishing, and 60% shares are held by LKN Investment International, the rest by CAAC.

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