CHINA Velocity Group Ltd, which develops property in China, plans to buy a 90 percent stake in an agricultural products exchange in the central province of Hubei for HK$1.16 billion (US$150 million).

The company has secured HK$600 million in financing and is seeking further funding to complete the acquisition of Wuhan Baisazhou Agricultural By-product Grand Market, it said in a statement to the Hong Kong Stock Exchange yesterday.

Baisazhou leases retail floor space to about 700 sellers of agricultural products, including vegetables and seafood, the statement said. It had an unaudited net asset value of 150 million yuan (US$19.5 million) on December 31, the statement said.

Source:佚名