Overseas Chinese Town to invest RMB797m in Chengdu Sports Industry

Shenzhen Overseas Chinese Town (Asia) Holdings Limited has reportedly announced that its subsidiary Chengdu Chuangying Holdings has successfully completed its bid to buy a stake of Chengdu Sports Industry Co. Ltd for over RMB797 million (≈US122.97m), according to Sina Finance.

The potential deal, when it is sealed, will see the OCT Group add a sports sector to its portfolio by acquiring a 49% stake in Chengdu Sports Industry (CCI).Chengdu Culture & Tourism Development Group L.L.C will remain as the holding shareholder of CCI with 51% shares.

Having paid a deposit to Southwest United Equity Exchange, Chengdu Chuangying has to pay the rest in cash within three working days before the equity transfer agreement will officially take effect.

The to-be-completed deal will likely see another Chinese company, which has a strong presence in real estate, join the roster to tap into the growing sports industry in China.

Shenzhen Overseas Chinese Town Co., Ltd is a China-based company primarily engaged in tourism, real estate and the paper packaging business.

Source: Sina Finance

Proofread by John Devlin.