HK's Realord Group says to buy $968 mln Shenzhen property assets

Realord Technology

18/01/2018 09:39

HONG KONG, Jan 18 (Reuters) - Auto parts distributor Realord 
Group Holdings Ltd  1196.HK  said on Thursday it would buy 
property assets in Shenzhen for an aggregate 6.22 billion yuan 
($968.4 million), in a bid to enhance its investment property 
portfolio. 
    The Hong Kong-based company will buy the assets, comprising 
residential and commercial complex, a residential property 
project and a land site, from its chairman, Lin Xiaohui, and his 
spouse, Su Jiaohua. 
    The company said it would settle up to 3.6 billion yuan in 
cash, 1.1 billion yuan in new shares, and the balance in 
promissory notes. 
    Lin and his spouse's stake in the company will rise to 74.8 
percent from 68.65 percent on completion of the deal.   
    Realord said the aggregate value of its investment property 
portfolio, comprising assets in Hong Kong and Shenzhen, amounted 
to HK$1.27 billion ($162.4 million) as of end-June 2017. 
    The company's shares ended 9.5 percent higher on Thursday, 
outpacing a 0.4 percent rise in the benchmark index  .HSI . 
     
($1 = 6.4232 Chinese yuan) 
($1 = 7.8183 Hong Kong dollars) 
 
 (Reporting by Donny Kwok; Editing by Subhranshu Sahu) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: REALORD GRP HLDG ACQUISITION/