Sino Express Travel Limited has announced that it has signed an agreement to acquire a 1,445 square-meter property in Chengdu, Sichuan Province for USD2 million.
The total price of USD2 million is to be paid by USD200,000 in cash and the rest by issuance of restricted common shares of Sino Express Travel and is subject to satisfactory due diligence. The acquisition will enable Sino to expand its portfolio of hotels to include Sichuan Province.
Sino intends to renovate the Chengdu property into a suites hotel with restaurant and bar facilities to cater to the growing tourism and technology business in the area. The property is located in Pixian County, site of an ancient capital city and Chengdu's technology industrial park. The tourist attractions include the ancient capital city ruins, temples, cultural relics and tombs. A considerable part of the technology industrial park is funded by Western investors.