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Tianjin Guangyu Dev to receive RMB 5.92-bln property injection
Published on: 2009-12-29
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Dec. 28, 2009 (China Knowledge) - Tianjin Guangyu Development Co Ltd on Dec. 25 announced that it will acquire RMB 5.92 billion worth of real estate from Shandong Luneng Group Co Ltd through a private placement, sources reported.


According to the plan, the Shenzhen-listed firm intends to issue up to 700 million new shares for RMB 9.88 apiece to obtain equity in seven property subsidiaries of Shandong Luneng Group.


In the first three quarters of this year, only three of the seven subsidiaries made profits. Chongqing Luneng reaped RMB 32.17 million in net profit, while Hainan Luneng earned RMB 63.82 million and Hainan Sanya earned RMB 23.66 million.


The other four subsidiaries suffered losses of RMB 22.59 million, RMB 13.78 million, RMB 25.11 million and RMB 8.61 million, respectively.


The net assets of the seven subsidiaries had a total book value of RMB 2.06 billion but were valued at RMB 5.92 billion, reflecting growth of 187%.


Following the injection, the listed enterprise will extend its market from Chongqing to Ji'nan, Hainan and Yibin.


At present, Shandong Luneng Group holds a 20.02% stake in Tianjin Guangyu Development.

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