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| Forms JV with Shunfeng Airport Investment to Develop Freight Logistics Center and High-end Supporting Industrial Base at EZhou Aerotropolis |
HONG KONG, Sept 23, 2016 - (ACN Newswire) - China VAST Industrial Urban Development Company Limited ("China VAST" or the "Group", Stock code: 6166), a pioneer integrated service developer engaged in the planning, investment development and operation of large-scale industrial towns in China, today announced that it has introduced Celestial Ocean Investments Limited ("Celestial Ocean") as its strategic investor and formed a joint venture with Shenzhen Shunfeng Airport Investment Company Limtied ("Shenfeng Airport Investment") to develop a freight logistics center and high-end supporting industrial base at EZhou Aeroptroplis. Shunfeng Airport Investment and Celestial Ocean are affiliated companies.
Under the agreement, Celestial Ocean agrees to buy the Sale Shares of China Vast at a consideration of HK$2.88 per share - represents approximately 9.99 % of the issued share capital of China VAST - from the controlling shareholders, Profit East. Celestial Ocean will not reduce its holding in the Sale Shares of China Vast within the 2-years lock-up period.
Additionally, the Group also entered into an investment agreement with Shunfeng Airport Investment in relation to the formation of a JV which is to be 60% and 40% owned by the two companies respectively. The registered capital of the JV is expected to be RMB100,000,000 and will be shared by the two parties according to their shareholdings. The JV will be engaged in the design, development and construction of a freight logistics center and high-end supporting industrial base at EZhou Aerotropolis.
Mr. Wang Jianjun, Chairman of the Board of China VAST, said, "We are pleased to introduce Celestial Ocean, an affiliate company of Shunfeng Airport Investment, as our strategic investor. This transaction will not only broaden our shareholder base, but will also provide fresh inspiration and attract new business opportunities for our development. Through the formation of the JV, both parties will be able to complement each other's strengths and share resources, which will be beneficial to the design, development and construction of the freight logistics center and high-end supporting industrial base at EZhou Aerotropolis."
China VAST Industrial Urban Development Company Limited (Stock code: 6166)
Founded in June 1995, China VAST Industrial Urban Development Company Limited is one of the pioneer providers in the planning, development and operation of large-scale industrial town projects. Riding on its experience in property development accumulated in the initial stage, China VAST Development was transformed into a pioneer in new urbanization construction in 2005. The Company has been committed to develop largescale industrial town projects in the strategic planning areas under the integration of Beijing-Tianjin-Hebei coordinated development and the Yangtze River Delta Economic Zone development, demonstrating its four comparative advantages including: unique abilities in industrial town planning, designing & positioning, abilities in infrastructure investment and construction, abilities in marketing & promotion, and related auxiliary facilities for logistics, residential & commercial properties.
Through cooperation with local governments under long-term agreements, unlike other ordinary property developers, industrial towns are designed to provide a wide spectrum of comprehensive and professional services for regional industrial development and development in towns, including planning and design, industry positioning, land preparation, infrastructure construction, marketing and promotion and related auxiliary facilities for logistics, residential and commercial properties.
Currently, China VAST Development is working together with local government of Langfang, Zhangjiakou and Shijiazhuang of Hebei province, Chuzhou, Anhui province and Ezhou, Hubei province in respect of development of 7 industrial town projects with project planning areas of approximately 90 sq. km. Focusing on the optimization of infrastructures in the abovementioned regions, transformation of industry and construction of urbanization as well as building and realizing fully integration of working and living communities for its residents, China VAST Development will spare no effort to become a leading integrated developer and operator of industrial town in China.
Topic: Press release summary
Source: China VAST Industrial Urban Development Co. Ltd
Sectors: Daily Finance, Daily News
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