Haoyuan Coal
An indication, perhaps, of the unpopularity of the real estate market is that Shanghai Wanye Enterprises, a China-based company engaged in property development and operation, has announced it will spend RMB225 million to raise its stake in Inner Mongolia-based Etuokeqi Haoyuan Coal Charring to 45%.
The real estate operator, which held RMB700 million currency capital and RMB190 million operating cash inflow as of the end of June will pay RMB225 million in cash for the acquisition, of which RMB 90 million will be injected to boost Haoyuan Coal’s registered capital.
The acquisition will help Wanye Enterprises diversify its sources of revenue and reduce risks in property development amid the volatile market.
Haoyuan Coal owns three coal mines, which have proven reserve of 37.37 million tonnes.
Source: SteelGuru