Gelonghui May 16 丨 China Jinmao (00817kristinewellenstein.HK) announced that on May 15, 2024, Jinmao Southwest (an indirect wholly-owned subsidiary of the company) signed an equity transfer agreement with Jiaxing Zhenmao and Chengdu Yuemao, pursuant to which Jinmao Southwest agreed to acquire and Jiaxing Zhenmao agreed to sell Chengdu Yuemao 49%kristinewellensteinThe total consideration is approximately RMB 1.1928 billion.
As of the date of this announcement, Chengdu Yuemao is 51% owned by Chongqing Shanyanmao, an indirect wholly-owned subsidiary of the company, and Jiaxing Zhenmao holds 49% of the equity, making it an indirect non-wholly owned subsidiary of the company. Upon the completion of this transaction, Chengdu Yuemao will become an indirect wholly-owned subsidiary of the company.
Chengdu Yuemao was established on April 8, 2022. As of the date of this announcement, Chengdu Yuemao's registered capital is RMB 2.3203 billion, with Chongqing Shanyanmao and Jiaxing Zhenmao holding 51% and 49% of its equity respectively. Upon the completion of this transaction, Chengdu Yuemao will become an indirect wholly-owned subsidiary of the company. Chengdu Yuemao is engaged in the development of this project (i.e. Chengdu Yuehu Jinmaoyue Project). The project is located in the Yuehu Science and Technology City area of Wuhou District, Chengdu City. The project covers an area of approximately 42,800 square meters and has been developed into a saleable residential project with a total construction area of approximately 123,700 square meters. Completed in March 2024.