Zhejiang Expressway (HKG:0576) announced that on 22 December 2011, Zheshang Securities, an indirectly owned subsidiary of the Company, entered into the Memorandum of Understanding with Hangzhou Jinji Real Estate (vendor) in respect of the proposed acquisition of levels 2 to 17 and 266 carparking spaces at the basement of the office building B4 of Mingzhu International Business Center located at Qianjiang New Town, Jianggan District, Hangzhou City, Zhejiang Province, the PRC.

The aggregate consideration for the property is RMB809.5 million (HK$995.7 million). The earnest deposit amounted to RMB323.8 million (HK$398.3 million)

The property is under development by the vendor and is expected to have a gross floor area of 25,699 square metres when completed (including shared public area but excluding the 266 car parking spaces).

The Vendor is a wholly-owned subsidiary of Zhejiang Communications Investment, which is the major shareholder of the Company.

Source:chinesestock