New Hua Du to Purchase Two Emart Stores

New Hua Du (002264.SZ) reported recently that it signed an Asset Transfer Agreement on December 28 to purchase two E-Mart stores in Shanghai and Kunshan, Jiangsu Province with 5.4 million yuan and 3.6 million yuan respectively. Before that, eight E-Mart stores were sold to New Hua Du and Yonghui Superstores in two rounds. This transaction meant that nearly one quarter of the Korean retailer’s 27 supermarket in China were sold.
The Kunshan Mudu Store (solely invested) and Shanghai Sanlin Store (joint venture), with a registered capital of $15 million and $170 million, had a total area of 210,000 square meters, including 140,000 square meters of business area. The bargain price of 9 million yuan included its creditor’s equity, fixed assets, equipment and agreements related to targeted stores’ operations. Net assets of the above two stores were 44.67 million yuan and 29.63 million yuan respectively ending on December 16. 
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