Times Neighborhood (HKG:9928) subsidiary Guangzhou Times Property Management purchased a 20% stake in Chengdu Holytech Technology from Chengdu Jiarui Tonghua Enterprise Management Partnership.
Chengdu Holytech Technology owns Chengdu Holytech Property, a property management service company.
The consideration comprises 41.7 million yuan which will be set off against the total outstanding debt owed by Chengdu Jiarui Tonghua Enterprise Management Partnership to Chengdu Holytech Technology and Guangzhou Times Property Management, according to a Friday filing with the Hong Kong bourse.
It will also include a 10 million yuan fixed sum payable within three business days following the completion of the registration of the transaction, the filing said.
Upon completion, the total debt owed will reduce to 45.1 million yuan, while Chengdu Holytech Technology will become a non-wholly-owned subsidiary of Times Neighborhood.
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