Singapore-listed developer Oxley Holdings will acquire a 10 percent stake in Chinese firm GD Capital for 35.71 million yuan (S$7.3 million). This is in line with the company’s plans to expand within the development zone of Anhui province.
Oxley signed a sale and purchase agreement with GD Capital Holdings, which is conditional upon a restructuring exercise of GD Capital, the completion of a due diligence review and obtaining legal approvals, according to media reports.
The developer has paid an initial 20 percent or 7.14 million yuan (S$1.47 million) out of the purchase consideration, while another 30 percent or 10.71 million yuan (S$2.21 million) will be settled within a month.
The balance of 50 percent will be payable upon completion of the sale and purchase, which is within seven business days after the conditions precedent in the agreement have been fulfilled or waived, not later than 31 December 2013 or such other date as mutually agreed.
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
Related Stories:
PropertyGuru staff to get their heads shaved for charity
Malaysia’s Mah Sing opens sales office in S’pore