Sun Innovation Holdings Ltd., a Hong Kong-based multinational conglomerate, reported it has successfully acquired properties in Mainland China on 25 October 2006, through the Group's wholly-owned subsidiary, Sun Innovation Properties Holdings Ltd.

Suninnovation Properties acquired from QCA one share of Million Year Consultants, which represents the entire issued share capital of Million Year.

Million Year is the legal and beneficial owner of twenty service apartments, located in the Metropolitan Towers Dragonfly apartment building in Suzhou, PRC.

The acquisition was approved by the independent shareholders of the Group on 24 October 2006.

Michele Matsuda, Chairman and Chief Executive Officer, said, "The acquisition has increased the Group's overall property base, including market value from HK$141 million (US$18.1 million) prior to the purchase to HK$161 million (US$20.7 million) following the completion of the sale.

Additionally, property value in China is believed to continue to increase over the years accordingly.

Source:佚名