China Information

Friday, December 29, 2006

China Overseas Acquired Zhong Hai Property with RMB128m

China Overseas Development Ltd.- the Chinese real estate developer made an announcement on Dec.27th that they would acquire Zhong Hai Property Management with RMB128m in cash to participate in Chinese inland property management business. The company revealed that the total acquisition amount came from Group internal resources. After the acquisition, Zhong Hai Property will become a wholly owned subsidiary of China Overseas and its overall performance will be included in the account of China Overseas. Board of directors of the company believed that this acquisition would provide property management business for the domestic program development of itself and it would increase the project value including selling price.

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