Kinetic Development Group's Subsidiary to Acquire Two Real Estate Companies from Zhuhai Seedland

MT Newswires Live11-04

Kinetic Development Group's (HKG:1277) subsidiary Kinetic Qinhuangdao agreed to acquire 100% equity interests of each of Maoming Shengda Real Estate and Maoming Shengcheng Real Estate for a total of 70 million yuan from Zhuhai Seedland on Friday, a Monday Hong Kong bourse filing said.

The consideration for the acquisition will be set off by the amount already paid for the properties whose transfer was canceled under the 2024 third tranche terminated properties agreement.

Kinetic Qinhuangdao has so far paid 803 million yuan to the vendors, six subsidiaries of Guangzhou Seedland Real Estate Development, for the purchase of certain properties in Guangzhou. The sale of some of the said properties was canceled by the parties afterward. The company however had already around 58 million yuan for the canceled properties.

The integrated coal producer and operator's shares closed nearly 4% lower on Monday.

Price (HKD): $1.58, Change: $-0.060, Percent Change: -3.66%

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