Gelonghui July 30?Pudong Golden Bridge(600639.SH) announced that Shanghai Jinqiao Export processing Zone United Development Co., Ltd., a wholly-owned subsidiary of the company, intends to transfer to the intended transferee Shanghai Qiaohe Real Estate Co., Ltd. the project under construction (tentatively named Shanghai International Wealth Center Business Office Project) located in Shanghai Jinqiao Export processing Zone.
The transfer price shall not be lower than the evaluation results of Shanghai Shenwei Asset Evaluation Co., Ltd., which is qualified to carry out securities and futures-related business hired by the transferor, and shall be approved by the Pudong New area Asset Evaluation and Management Center for the record. The transaction attached to the transferee to hold the property for at least 10 years, in line with the industrial development plan, tax settlement and other conditions, and enter the transaction.
In September 2018, the transferor hired Shanghai Shenwei Asset Evaluation Co., Ltd. to carry out the evaluation of the project under construction of the Wealth Center. This evaluation is based on January 31, 2019, and the evaluation method is hypothetical development method. The important assumptions are as follows: the project is developed in accordance with the original investment plan, and the development indicators meet the approved planning and construction indicators. The result of this assessment is about 1.4725 billion yuan (including tax). The evaluation report will be put on record in accordance with the relevant measures for the administration of state-owned assets and will take effect after the filing. The evaluation report will be disclosed in time after the entry into force of the filing.
The project faces Yangzhao Road in the north, Xinjinqiao Road in the south, Yindong Building in the east and Xinjinqiao Building in the west; the land area is 27309.6 square meters, the volume ratio is 4.0, the land is commercial office, the capacity area above ground is 109240 square meters, and the underground construction area is 63223 square meters.
The project obtained the construction permit and officially started in October 2017. the capping of the main structure is expected to be completed by the end of 2019 and completed and put into use in January 2021.
By the end of June 2019, the book cost of the original land and the cost of housing development under construction totaled about 334 million yuan.
The implementation of this related party transaction will help to introduce financial service enterprises such as industrial fund headquarters, further improve the financial service capacity of Jinqiao area in the free trade zone, and promote the price and value of property held by the company in Jinqiao Development Zone.
According to preliminary estimates, the project will bring a net profit of about 380 million yuan to the company. The specific amount shall be based on the audited data.