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HK-listed Enerchina to invest in real estate

May. 28, 2012 (China Knowledge) - Enerchina Holdings Ltd<0622>, a clean energy and public utility developer, has announced plans to acquire hotel assets in Shanghai and a controlling stake in a plot of land in Zheijing Province for a combined HK$2.55 billion or US$328.5 million, to set foot in mainland China's real estate market.

In a statement filed with the Hong Kong Stock Exchange, the company said it will buy the target assets from property developer Wu Laam Anne, in exchange for HK$1.35 billion in cash, RMB 1.04 billion worth of five-year convertible notes with no interests and 1.6 billion new shares that will account for 18.2% of the enlarge share capital.

Wu would eventually hold a 62.5% stake in enlarged EnerChina shares, said a person familiar with the matter.

Upon the completion of the acquisition, EnerChina will indirectly have entire equities of the Hilton Hotel in Jing'an District, Shanghai. The hotel has 40 floors and 800 guest rooms.

A 90% stake in a plot, located in Ningbo, Zhejiang Province, will also be acquired by EnerChina and will be built as a tourism property project with a gross floor area of around 1 million square meters.

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