Poly Real Estate Group, China’s second-largest developer by market value, announced that it has agreed to acquire shareholdings in three companies.
According to Poly’s filing with the Shanghai Stock Exchange over the weekend, the company plans to purchase a 50%, 40% and 60% stakes in:
Guangzhou Jiali Construction and Decoration Engineering,
Guangzhou Poly Real Estate Agency
And another Guangdong-based institute of architectural design and research.
Guangzhou Jiali and Guangzhou Poly Real Estate Agency, which was 50% and 60% owned by Poly Real Estate, have net assets of RMB40.29 million and RMB 19.20 million as of end-2007.
Source: China Knowledge