With this acquisition, Aoyuan holds 60% equity interest in the company.
Aoyuan Healthy Life Group Company (Aoyuan Healthy) has agreed to acquire a 55% equity interest in Zhejiang Liantianmei Corporate Management Company (Liantianmei) through its indirect wholly-owned subsidiary Guangdong Xinyuerong Industrial Investment Company, for a total consideration of $101.72m, the group has revealed in a press release.
The consideration for the acquisition will be paid and funded by a combination of the unutilized net proceeds, group's internal resources and bank borrowings.
The group has also decided to reallocate the proceeds from its global offering for the purposes of its business development. Approximately $19.49m of the unutilized net proceeds will be used for acquisition or investment in other commercial operational and property management service providers, and $31.65m of the proceeds for the acquisition or investment in service providers providing services complementary to the group's services.
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