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Sunshine City acquires property in Fuzhou

May. 25, 2012 (China Knowledge) - Sunshine City Group Co Ltd<000671>, engaged in real estate development, as well as import and export trading, yesterday said it has paid around RMB 465 million to acquire a 49.18% stake in a property in Fuzhou, capital of Fujian Province.

In a statement filed with the Shenzhen Stock Exchange, the property developer said it expects to acquire the target stakes from Huarong International Trust Co Ltd to wholly own the Fuzhou property.

On May 23, Sunshine City said it will sign a cooperation framework with the local government to start a tourism project in Longyan, Fujian Province. The project, located in the city's Xinluo District, covers a land area of around 6,500 mu. On 2,500 mu of the total site, mixed-use properties will be built.

In the first quarter of this year, Sunshine City reaped RMB 9.93 million in net profit, down 37.93% from a year earlier, and its operating revenue declined by 11.62% YoY to RMB 481 million. Earnings per share were RMB 0.02 in the period.

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