Gree Real Estate to Dispose of Assets to Buy 51% of Zhuhai Duty Free; Shares Up 6%

MT Newswires Live07-09

Gree Real Estate (SHA:600185) plans to acquire 51% of Zhuhai Duty Free Enterprise Group through the disposal of assets, according to the company's filing on the Shanghai Stock Exchange.

The Chinese real estate developer will sell real estate assets in the Chinese cities of Shanghai, Chongqing, Sanya, and other areas to fund the acquisition. The valuation difference can be supplemented in cash.

The plan was an amendment from the original proposal. The company previously planned to raise funds for the acquisition of Zhuhai Duty Free through the issuance of shares to up to 35 investors but later withdrew the proposal as part of plans to exit from the real estate development business, the Monday filing noted.

Shares of the company jumped more than 6% in recent trade.

Price (RMB): Â¥5.27, Change: Â¥+0.31, Percent Change: +6.25%

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