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Jin Jiang Hotel Sells Jiulong Hotel Stake
August 2, 2007 |
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| Category: Industry News
Jin Jiang Hotel has signed a transfer agreement with Greenland Business to sell 44% of the stake it holds in Shanghai Jiulong Hotel's stake to the latter for RMB112 million in cash.
According to local media sources, after the transfer Jin Jiang will only hold 11% of the stake at Jiulong Hotel, while Greenland Business' stake at the hotel will increase to 89%. In addition, Jin Jiang Hotel has signed a sponsorship agreement with Greenland Business and Greenland Group, consigning Greenland Group, the parent company of Greenland Business, to provide payment sponsorship for the transfer agreement.
Jin Jiang Hotel says that by the end of June 2006, Jiulong Hotel's shareholder stake value reached an estimated RMB255 million and the hotel's net profit in the year 2005 and 2006 reached RMB888,000 and RMB1.065 million, respectively. Jin Jiang Hotel estimates in local media that by selling 44% of the Jiulong Hotel's stake, it will achieve a pre-tax income of RMB81.878 million.
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