Tianbao Holdings Limited

EANS-News: Tianbao Holdings Limited
Possible acquisition of land 40% below market value.

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Company Information

Zhengzhou City, China (euro adhoc) - Tianbao Holdings Ltd (Ticker : 3TB1) has
confirmed that it has been approached
by Henan Development Sanjiang Real estate Company , founded in 1993 , a major
property developer with revenues that exceeded 1.5 billion RMB in 2012, , to see
if Tianbao  would contemplate a purchase of a 33,000 m² plot of land that is
attached to the existing property owned by Tianbao , .
 
The land itself is designated for low income housing and therefore complements
the business of Tianbao . It already has the license necessary to proceed with
the build out , and work could commence immediately .
 
Henan Development Sanjiang Real Estate Company , had originally acquired the
property with a view of the building 14 apartment structures but was unable to
proceed with the project as they are heavily engaged by other projects
 
Local Government has been putting pressure on Henan Development Sanjiang Real
Estate company Limited for completion of the project.  Henan Development
Sanjiang  come up with a resolution to sell the land to Tianbao Holdings and
commence the construction immediately..
 
The initial proposal that is on the table is that Tianbao Holdings acquire the
property at 40% below the market value of the property from Henan Development
Sanjiang Real estate Company Limited,
 
the property will immediately vest in Tianbao , giving it a legal right over
the property .
 
The addition of the property to the balance sheet of the company less any amount
owing will boost the total assets  by approximately 34,000,000 Euro, and
the  sum will also be taken into account in the profit and loss account under
IFRS accounting policy.
 
Commenting, the CEO said it has been frustrating for both Tianbao  and Henan
Development Sanjiang Real estate Company , to have these protracted talks over
fair market value for  running the utilities across Tianbao property, and the
solution proposed namely that Tianbao takeover the property at 40% below
market  to develop it a with the land rights being transferred immediately to
Tianbao is extremely attractive.
 
The CEO then went on to say that he would reach a decision within the next seven
days as to whether he wished to proceed with this transaction but felt initially
that the transaction itself would be extremely beneficial to Tianbao
 
He estimated that upon the completion of the buildings Tianbao  would be in a
position to make an additional 45 million Euro profit.
 
About Tianbao Holdings:
Tianbao Holdings (the 'Company') is an economically-affordable housing
manufacturer in the People's Republic of China. The Company works closely with
the Chinese government in acquiring the land for new housing developments and
constructing the homes per the specifications of the housing plans of both the
national Chinese government as well as the provincial governments, in particular
Henan Province, wherein all of the Company's projects to date have been
located. 

Safe Harbor Statement; The statements contained herein are forward-looking
statements that are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed in the forward-looking
statements.


Further inquiry note:
Please address questions to : tianbaoholdings@gmail.com

end of announcement                               euro adhoc 
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company:     Tianbao Holdings Limited
             Yu Feng Road, Jinshui District, Zhengzhou City NO.333
             CN-454000  Zhengzhou City, China
phone:       852-25876138
mail:     tianbaoholdings@gmail.com
WWW:      http://www.tianbaoholdings.com/ 
sector:      Real Estate
ISIN:        BMG887252085
indexes:     
stockmarkets: free trade: Berlin, Frankfurt 
language:   English
 

 


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