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GRP Acquires 82% In Starland Holdings
GRP has announced that its indirect wholly-owned subsidiary, GRP Chongqing Land, has acquired 82.91 percent of the issued and paid-up ordinary shares in the share capital of Starland Holdings with a consideration of $28.3 million.
Starland Holdings was incorporated in Singapore in October 2011 and is listed on the Catalist board of the Singapore Exchange. Starland Holdings is primarily involved in the business of property development in the PRC and are engaged in developing integrated residential and commercial properties in Chongqing, PRC.
The acquisition presents an opportunity for the group to accelerate its strategy to grow and gain a firm foothold into the vast PRC property market. In addition, Starland Holdings has been active in the PRC property market since 2008, the acquisition will allow the group to leverage its knowledge of the regulatory and compliance requirements for the property business for its expansion in the PRC property development business.
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