Tianjin Hi-Tech to get property assets from parent

Jul. 28, 2009 (China Knowledge) - Tianjin Hi-Tech Development Co Ltd<600082>, which is principally engaged in the development of incubators for bio-tech enterprises, today announced that it will issue 129 million shares at an average price of RMB 7.42 apiece in exchange for property assets from its parent, Tianjin Hi-Tech Holding Group Co Ltd, sources reported.

The Shanghai-listed enterprise will fully acquire two uncompleted property projects, which are both located in Tianjin Hi-Tech Industry Park and have a total of RMB 959 million in net assets.

One of the two property projects, which is valued at RMB 373 million, covers a land area of 177,112.1 square meters and has a potential floor area of 320,000 sq m. Landscaped areas will cover more than 45% of the development, the building coverage rate will be up to 30% and the floor area ratio will be 1.8 at most. On the site, Tianjin Hi-Tech Development is building apartments that will have a floor area of less than 90 sq m each.

The other project, which is valued at RMB 586 million and is meant for commercial buildings, covers a land area of 337,641 sq m and has a potential floor area of 844,000 sq m. Landscaped areas will cover more than 20% of the development, the building coverage rate will be up to 50% and the floor area ratio will be 2.5 at most, sources reported.