Sep. 17, 2012 (China Knowledge) - Gemdale Corp<600383
>, a Shanghai-based
real estate developer, has announced that its subsidiary agrees to buy 56.05% stake in Frasers Property (China) Limited<0535
>, sources reported.
In a statement, the Shanghai-listed
company said its subsidiary will buy 3.85 billion from FCL (China) Pte Ltd with a transaction value of HK$1.65 billion.
Gemdale said the purchase of Frasers Property is one of the steps for the company to accelerate its business internationalization.
In the first half of this year, Gemdale Corp realized RMB 6.47 billion in revenue, up 25.55 YoY,while its net profit for the six-month period grew 5.1% YoY to RMB 502 million.