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China South City acquires Hydoo Harbin for RMB 500 mln

Dec. 4, 2012 (China Knowledge) - China South City Holdings Ltd<1668>, a leading developer and operator of integrated logistics and trade centers in China, has inked an agreement to acquire 100% stake in Hydoo Harbin Trade City Co Ltd, which is principally engaged in the development of the Hydoo Land, at a consideration of RMB 500 million.

Located in Daowai district, Harbin City, Heilongjiang Province, the Hydoo Land consists of three plots of land which is next to China South City's Harbin project. The land covers a total land area of 270,350 sq m and will be developed into logistic and trade centres.

In a statement filed with Hong Kong Stock Exchange, China South City said the deal will benefit the company's long-term strategic objectives.

Meanwhile, in another statement, the Hong Kong listed company said it has signed a framework agreement and cooperative agreement with the Hefei Government and Feixi County Government to undertake the construction and development of a large-scale integrated logistics and trade center in Feixi County, Hefei City, Anhui Province.

The trade center will have a net land area of approximately 10 km sq. China South City will bid for the Feixi land when such land is made available under the local government’s tender, auction and listing-for-sale process. The project will be developed in phases and the development will be more than 10 years.

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