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Cinda Real Estate acquires property co in Anhui

May. 25, 2012 (China Knowledge) - Cinda Real Estate Co Ltd<600657>, which is principally engaged in property development, and property management and leasing, has acquired a 49% stake in Anhui Cornerstone Property Co for RMB 223.3 million.

The deal brought the buyer's stakes in the target firm to 82.36%, said a person familiar with the matter.

Anhui Cornerstone Property, which has a registered capital of RMB 100 million, is developing a high-end property project in Hefei, capital of Anhui province, with a gross potential floor area of 322,800 square meters.

As of Sep. 30, 2011, Anhui Cornerstone Property had RMB 281 million in total assets.

Shanghai-listed Cinda Real Estate reaped RMB 8.73 million in net profit attributable to shareholders in the first quarter of this year, reflecting a YoY decline of 90.61%.

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