July 29, 2016 5:04 PM ET

Real Estate Management and Development

Company Overview of Greentown Property Group Company Limited

Company Overview

Greentown Property Group Company Limited, a residential property developer, engages in real estate development business in China. The company’s projects include villas, and low-rise and high-rise-apartment buildings. It serves middle and higher income residents. The company was founded in 1995 and is based in Hangzhou, China. Greentown Property Group Company Limited operates as a subsidiary of Greentown China Holdings Limited.

10F Building A

Huanglong Century Plaza

1 Hangda Road

Hangzhou,  310007

China

Founded in 1995

Phone:

86 571 88988888

Fax:

86 571 87901717

Key Executives for Greentown Property Group Company Limited

Executive Vice Chairman and Chief Executive Officer
Age: 62
EXecutive Chairman
Age: 58
Chief Operating Officer and Executive Director
Age: 53
Executive General Manager and Executive Director
Age: 51
Company Secretary
Age: 47
Compensation as of Fiscal Year 2016.

Greentown Property Group Company Limited Key Developments

Greentown Real Estate Group Co., Ltd. and China Real Estate Corporation Limited Enter into the Framework Agreement

On 29 April 2016, Greentown Real Estate Group Co., Ltd. and China Real Estate Corporation Limited (CREC) entered into the Framework Agreement pursuant to which Greentown Real Estate and CREC will jointly develop the Land on a 35:65 ownership basis. The Land is situated in New North Zone of Chongqing in the PRC with a gross site area of approximately 518,452 sqm, which is intended to be developed into a mixed use complex comprising residential and commercial properties, namely Chongqing Central Park Project. The Framework Agreement was entered into between Greentown Real Estate and CREC in order to facilitate the development of the Land on a 35:65 basis. According to the Framework Agreement, the Greentown Real Estate and CREC will be interested in 35% and 65%, respectively, of the Project Company. Accordingly, the Project Company will not become a subsidiary of the Company. As at the date of the Framework Agreement, CREC has already paid RMB 2,264,788,000 as part of the Land Consideration, which were regarded as shareholders loan from CREC to the Project Company. It is currently expected that the Project Company will arrange for external financing for the repayment of the shareholders loan and the payment of the remaining portion of the Land Consideration. In the event that the Project Company is unable to raise sufficient funds through external financing for such purposes, Greentown Real Estate and CREC shall be responsible to provide such funding on a 35:65 basis. The parties currently expect that the sole purpose and business of the Project Company is to develop the Land. The Project Company shall distribute its profits to Greentown Real Estate and CREC according to their respective shareholding percentages in the Project Company. It is currently expected that the board of directors of the Project Company will comprise five directors of which three will be appointed by CREC and two will be appointed by Greentown Real Estate. One of the directors appointed by CREC will be the chairman of the board of directors (who will also be the legal representative) of the Project Company. The general manager will be responsible for the daily management and operation of the Project Company. The general manager will be nominated by Greentown Real Estate and appointed by the board of directors of the Project Company.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 25, 2016
Bluetown Real Estate Construction Management Group Co., Ltd
Merger/Acquisition
June 25, 2016
Ningbo Innovative District Intellectual Greentown Construction Co., Ltd
Merger/Acquisition
April 29, 2016
518,452 sqm Land in New North Zone of Chongqing
 

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