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After this deal, the subsidiary will take over Youngor's direct and indirect real estate assets worth CNY 881 million. In addition, it will spend CNY 500,000 acquiring a 10% stake in Ningbo Youngor Property Service Co., Ltd. (transliterated) from Ningbo Yinzhou Xinhua Investment Co., Ltd.
The real estate subsidiary of Youngor separately harvested net profit and operating revenue of CNY 123 million and CNY 916 million in the first quarter of 2009. Recently, sources said that its land lot that had been idle for nearly one year would break earth.
Youngor has grown into a large-scale multi-national integrating textile and apparel, property development, financial investment, and international trade, and its realty business battlefield is settled in east China.
Source: www.cnstock.com (August 07, 2009)
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