Hualian Holdings 280 million affiliated real estate company

Hualian Holdings (000036) June 4 in Shenzhen initialled Equity transfer contract, the proposed contribution of 280 million yuan by the affiliated company Zhejiang Hualian Hangzhouwan Venture Co., Ltd. Holdings of Zhejiang Xing CAI Real Estate Development Co., Ltd. 70% equity. Hing Choi Real Estate company wholly-owned subsidiary of Hangzhou Hualian Jinxian Bay Real Estate Development Co., Ltd. in Zhejiang Chunan County Qiandaohu has 320,300 square meters (480.2 mu) of low-density residential land.　　Hualian Holdings said the acquisition was aimed at acquiring Jinxian Bay Massif and was to be developed next. The announcement shows that Hing Choi Real estate as at May 31, 2010 The book value of net assets of 31.58 million yuan, evaluation value of 402 million yuan, evaluation of value-added 1172%. of which Xing-cai real estate company 70% equity corresponding evaluation value of 281 million yuan. The asset evaluation is to use the cost method to evaluate, the appreciation is mainly 480.2 mu of low-density residential land, carrying value of 41.93 million yuan, the use of the benchmark land price coefficient correction method Evaluation of 1570 yuan/square meters, using the assumption of the development of the evaluation value of 1650 yuan/square meters,　　The arithmetic mean calculated by two methods is the final evaluation result, namely 1610 yuan/square meter. Hualian Holdings said that the evaluation value than the book net worth of the larger, mainly the land Acquisition time early (January 2003), the initial acquisition cost is low, and in recent years the real estate market hot, caused by the rise in land prices.　　Hing Choi Real Estate company has been determined by the United States to assume the Jinxian Bay block planning and architectural design, planned in January 2011 to complete the project planning, design and construction, tentatively named as "Jinxian Bay Peninsula Town." The transaction constitutes a related transaction, Hualian holding shareholder Hualian Development Group Co., Ltd. holds the Shenzhen Hualian Development Investment Co., Ltd. 94.94% stake, Hualian Investment company holds the Hualian Hangzhouwan company 45% Equity; In addition, Hualian Holdings for Shenzhen Crown Textile Printing and Dyeing Co., Ltd., the first major shareholder, holding its 25.51%　　Shares, the deep Crown wholly-owned subsidiary of the Crown Printing and dyeing (Hong Kong) Co., Ltd. holds 25% of Hualian Hangzhouwan Company, Hualian Holding and Hualian Group, Hualian Investment Company, Deep Crown, Hualian Hangzhouwan Company has a relationship. Hualian Holdings said that the deal is to increase land reserves, enhance sustainable development capacity, on the other hand, in the time ripe, with the conditions of the premise, through the transfer of agreements, mergers and acquisitions, and other internal resources to integrate, and gradually solve the competition problem.