China Calxon Group to buy 70% stake in Hainan property firm
China Calxon Group Co Ltd formerly known as Hunan AVA Holdings Co Ltd, announced that it will spend RMB 819 million to purchase a 70% stake in an property firm in Hainan Province.
The target firm, which has a registered capital of RMB 10 million, had RMB 51.62 million in total assets and RMB 51 million in total liabilities as of Mar. 31, and its net loss for the first quarter of this year was RMB 120,000.
However, the target firm owns a piece of land totaling 705 mu in Meilan District, Haikou, Hainan Province.
The Shenzhen-listed purchaser, based in Hunan Province, last month spent RMB 142 million to acquire an 18.89% stake in real estate company in Shanghai, and the target firm's land reserves, which are located in the city's Xuhui District, has an area of 33,000 square meters and will have a floor area of 133,000 sq m.
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