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Monday, 19 September 2016, 15:57 HKT/SGT
China Goldjoy Acquires Properties of Baonengcheng for Approximately HK$366 Million
With Prominent Location Bringing in Value and Additional Source of Income

HONG KONG, Sept 19, 2016 - (ACN Newswire) - China Goldjoy Group Limited ("China Goldjoy" or the "Group"; stock code: 1282) is pleased to announce that the Group has entered into an agreement on 13 September 2016 to acquire properties at Hefei City, the PRC, for a total consideration of RMB315,054,000 (equivalent to approximately HK$365,746,000).

The properties are located at Hefei City, Anhui Province, the PRC and a portion of Phase 2 of the Baonengcheng project. Binghu district, which Baonengcheng is located, is one of the most popular districts in the Hefei City's property market. The Baonengcheng project is adjacent to the heart of provincial capital and the offices of the back-office operations of the international financial services providers with favorable geographical location. The Group is confident that the acquisition will contribute positively to the Group by bringing in additional source of income from such investment.

The properties are buildings no. 3 and no. 8 (excluding floors 1-2, which are intended for commercial use). Currently, construction of the properties has not been completed, but the properties are qualified for pre-sales. Building no. 3 has a gross floor area of 14,288.04 sqm with 39 floors on the ground, and building no. 8 has a gross floor area of 17,616.90 sqm with 49 floors on the ground (floor 3-49 for residential use). The properties comprise 344 units in total. By comparing the selling price of the properties in the same area, the total amount of acquisition is very reasonable. It is expected to bring substantial return on investment to the Group.

China Goldjoy has been actively implementing a diversified development strategy in recent years. Investment, development and operation of quality property is set to become one of the Group's core businesses in the future. The Group also plans to continue to look for property investment opportunities in focus areas and regions with development potential so as to capture the opportunities arising from the flourishing real estate market. Hefei City, where the Group's target properties are located, has also shown rapid economic growth and strong development potential in recent years with the rise in the region's property prices ranking among the top in the country.

China Goldjoy's announcement mentioned that as one of the applicable percentage ratios (as defined under the Listing Rules) in respect of the acquisition is more than 5% but less than 25%, the acquisition constitutes a discloseable and connected transaction of the Group, and is subject to the reporting, announcement, circular and independent shareholders' approval requirements under Chapter 14A of the Listing Rules. Related shareholders will abstain from voting at the EGM. An independent board committee will be formed to advise the independent shareholders on the sale and purchase agreement and the transactions contemplated thereunder. The independent financial adviser will be appointed to advise the independent board committee and the independent shareholders in this regard.

Mr. Feng Huiming, Executive Director and Senior Vice President of China Goldjoy, said, "As the property market shows a good momentum of development, the Group considers this acquisition as a good investment opportunity and believe that China Goldjoy will benefit from the anticipated growth in value of the properties."

About China Goldjoy Group Limited (HKEx stock code: 1282)
China Goldjoy Group Limited is principally engaged in the development of a range of high technology products; trading and providing services with respect to automation-related equipment; securities investment; and strategic investment and development in technologies mainly related to biometric security, high-speed wireless data transmission and communications. The Group has completed the acquisitions of six financial institutions including KB Credit, China Yinsheng Asset Management, China Yinsheng Securities, China Yinsheng Wealth Management, KB Investment and and KB Bullion in August 2016 and has included financial services as one of its principal businesses. After the acquisition of the integrated financial services and asset management business, the Group is identifying appropriate investment opportunities in new energy and emerging industries. It aims to expand into new industries and new markets and also realize its diversified development strategy through the implementation of a series of strategic transformation measures.

China Goldjoy is the constituent of several Hang Seng indexes, including Hang Seng High Beta Index, Hang Seng Internet & Information Technology Index, Hang Seng Global Composite Index, Hang Seng Composite Index Series - Hang Seng Composite Index, Hang Seng Composite Industry Index - Information Technology, Hang Seng LargeCap & MidCap Index, Hang Seng MidCap & SmallCap Index and Hang Seng MidCap Index. The Group is one of the stocks eligible for trading in Mainland China under the Shanghai-Hong Kong Stock Connect scheme.

Sept 19, 2016 15:57 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network

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