2023-05-29 03:10:41
Financial NetworkOn May 29, Sunac China announced that the Tianjin National Games Village project jointly developed by the company’s indirect wholly-owned subsidiary Sunac North China, Greentown Real Estate and AVIC Trust has been fully developed, sold, and delivered. In order to properly handle the target company’s undistributed profits and related creditor’s rights and debts, and to complete the subsequent liquidation of the target company, on May 25, 2023, Sunac North China, Greentown Real Estate, AVIC Trust and the target company entered into an agreement. Chuanghuabei agreed to transfer 51% of the target company’s equity held by Greentown Real Estate through a restructuring arrangement at a consideration of approximately RMB 1.486 billion. The consideration will be offset by existing creditor’s rights and debts without actual cash payment.
It is reported that the target company is mainly engaged in the development of the Tianjin National Games Village project, which has been fully developed, sold and delivered. The unaudited net assets of the target company on April 30, 2023 were approximately RMB 2.94 billion, of which the paid-in registered capital was RMB 2.5 billion.
According to the announcement, as of the date of this announcement, 51% of the target company’s equity has been registered for change, and Sunac North China therefore holds 99.608% of the target company’s equity, and the target company has become an indirect subsidiary of the company.
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