BRIEF-China Evergrande Says Major Transaction Return Of Land Use Right Of Guangzhou Evergrande Football Stadium


Reuters | Beijing | Updated: 04-08-2022 20:04 IST | Created: 04-08-2022 19:43 IST
BRIEF-China Evergrande Says Major Transaction Return Of Land Use Right Of Guangzhou Evergrande Football Stadium
Representative Image Image Credit: Wikipedia
  • Country:
  • China

China Evergrande: * MAJOR TRANSACTION - RETURN OF LAND USE RIGHT OF GUANGZHOU EVERGRANDE FOOTBALL STADIUM

* TRANSFEREE WILL PAY A TOTAL OF RMB5.52 BILLION * AS NO SHAREHOLDER IS INTERESTED IN TRANSFER AND IS REQUIRED TO ABSTAIN FROM VOTING AT GENERAL MEETING

* COMPANY HAS APPROVED TRANSFER BY WAY OF WRITTEN APPROVAL OF XIN XIN, A SHAREHOLDER HOLDING 7.89 BILLION SHARES IN COMPANY * COMPANY EXPECTS THAT IT WILL REQUIRE MORE THAN 15 BUSINESS DAYS TO COLLATE INFORMATION TO BE CONTAINED IN CIRCULAR

* COMPANY WILL APPLY TO STOCK EXCHANGE FOR A WAIVER FROM STRICT COMPLIANCE WITH RULE 14.41(A) OF LISTING RULES * GROUP ENTERED INTO CANCELLATION AGREEMENT WITH TRANSFEREE ON 3 AUGUST 2022 TO TERMINATE ORIGINAL CONTRACT

* TRANSFEREE IS GUANGZHOU MUNICIPAL PLANNING AND NATURAL RESOURCES BUREAU * AFTER COMPLETION OF TRANSFER, NEW SUCCESSFUL BIDDER OF LAND WILL BE RESPONSIBLE FOR PROJECT CONSTRUCTION COST OF UNSOLD COMMERCIAL HOUSING

* TRAFERRABLE LAND IS LOCATED IN XIE VILLAGE AREA IN PANYU DISTRICT, GUANGZHOU CITY, AND CONSISTS OF FOUR LAND PARCELS * BOOK VALUE OF LAND THAT IS BEING TRANSFERED WAS RMB5.04 BILLION

* BOOK VALUE OF BUILDINGS, STRUCTURES AND OTHER APPURTENANCES ON LAND WAS RMB1.73 BILLION * UPON COMPLETION OF TRANSFER, GROUP WILL NO LONGER HOLD ANY INTEREST IN LAND

* IT IS EXPECTED THAT GROUP WILL RECORD A LOSS OF APPROXIMATELY RMB1.255 BILLION ON TRANSFER OF LAND RIGHTS Source text for Eikon: Further company coverage:

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback