400 million acquisition of Beijing Cofco Vanke 50% Equity

Cofco Real Estate (000031) announced that the company intends to acquire Beijing Cofco Vanke Holiday Landscape Real Estate Development Co., Ltd. subsidiary of 50% Equity.　　The aim is to enhance the strength of the company's main business, promote the project development, acquisition price of about 400 million yuan. According to the assessment, Beijing Cofco Vanke's net assets value is 811.789 million yuan, Beijing Cofco Vanke 50% Equity acquisition price of 405.8945 million yuan.　　The results of the above assessment must be submitted to the State-owned Assets regulatory authority for filing.　　The company said that the acquisition and joint investment in the company to expand the scope of residential real estate industry, enhance the company's main business development capabilities, enhance comprehensive competitive strength. In addition, the Company intends to establish a joint venture with Cofco Hong Kong subsidiary company to develop Shenyang project to support the development of residential real estate business and to ensure the smooth operation of Shenyang project. The company intends to establish a joint venture project company with Cofco Group (Hong Kong) Limited wholly-owned subsidiary of Yaohua China Co., Ltd. to develop the Shenyang Huanggu District Aviation Institute plot. The company holds 65% per cent of the project company, and Yaohua China Limited owns 35% of the project company with a registered capital of USD 299.9 million. The Parties share profits and risk sharing according to the proportion of their contributions in the registered capital. The Board agreed that the company should increase its capital to the project company according to the development needs of the project, and the registered capital of the project company shall not exceed 3.12 billion yuan after the capital increase.