AF Global disposes entire 55% stake in Xuzhou Yinjian LumChang Real Estate Development for $57.6 mil

Felicia Tan
Felicia Tan6/8/2020 08:52 AM GMT+08  • 3 min read
AF Global disposes entire 55% stake in Xuzhou Yinjian LumChang Real Estate Development for $57.6 mil
AF Global’s indirect wholly-owned subsidiary LC Logistics has disposed its entire 55% stake in Xuzhou Yinjian LumChang Real Estate Development Co (XZYJLC) for a consideration of RMB292.8 million (S$57.6 million) on Friday (June 5).
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SINGAPORE (June 8): AF Global’s indirect wholly-owned subsidiary LC Logistics has disposed its entire 55% stake in Xuzhou Yinjian LumChang Real Estate Development Co (XZYJLC) for a consideration of RMB292.8 million (S$57.6 million) on Friday (June 5).

The purchasers, Beijing Jinyinjian Taxi Co and Beijing Yinjian Automobile Repair Co, are affiliates of Beihai Yinjian Investment (China) Co (the JV Partner). They will be buying a 25% and 30% stake into XZYJLC respectively.

Under the terms of the agreement, the transfer of the disposal interest will be made to the purchasers within 10 business days once the purchasers have “successfully procured” the sum for the consideration; confirmed the amount of taxes payable; and prepared all documents in relation to the cross-border payment of funds.

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