Shui On Land Ltd. · HKEX:272
Shui On Land — Merger or Acquisition (December 2017)
8 slides from Shui On Land's merger presentation, December 2017
Slide 1: Partnership with China Life in RHXC Commercial Assets
Shui On Land Limited (0272.HK) Partnership with China Life in RHXC Commercial Assets December 2017
Slide 2: Transaction Details
Transaction Details On 19 December 2017, Shui On Development and Hollyfield Holdings Limited, wholly-owned subsidiaries of Shui On Land, have entered into an agreement with China Life Fund, a wholly-owned company of the China Life Group, to sell certain commercial properties of the RHXC Project.
Slide 3: Transaction Highlights: The Partnership Portfolio
Transaction Highlights The Partnership Portfolio M10 Lot 167a Lot 167b Lot 1 Lot 2 Lot 7 Lot 6 (Retail ) Ph 3 Ph 1 Lot 3 (Retail) Lot 9 Lot 4 Lot 10 (Retail & Office) Ph 2 (Retail ) M4 3
Slide 4: Transaction Highlights: The Partnership Portfolio
Transaction Highlights The Partnership Portfolio Total GFA: 431,725 sq.m. and 565 ancillary car parking lots - Retail: 295,005 sq.m. - Office: 136,720 sq.m. Occupancy Lots Usage GFA(sq.m.) Rate* Status Lot 3 Retail 64,085 82% Developed Lot 6 Retail 19,139 94% Investment Properties Palette 3 Retail
Slide 5: Transaction Highlights: Lot 10
Transaction Highlights Lot 10 Total GFA of 320,930 sq.m., in which 184,210 sq.m. or 57% are for retail usage and 136,720 sq.m. Or 43% are for office usage. It is now under construction and is expected to be delivered in 2H 2021. 5
Slide 6: Transaction Highlights
Transaction Highlights Amount(RMB’mn) Initial Purchase Price* 3,869 Agreed Net Asset Value as of 31 Dec 2017 7,817 Agreed Total Asset Value 9,510 The initial purchase price represents a premium of approximately 28% over the carrying value shown in the unaudited estimated accounts of the Partnership
Slide 7: Transaction Highlights: Financial Impacts
Transaction Highlights Financial Impacts Amount (RMB’mn) Net Proceeds 3,614 (after tax and transaction cost)* Disposal Gain** 1,196 Gearing reduce by 14% Following the Completion, the Partnership Portfolio will cease to be consolidated and will be booked in SOL’s account as “Investments in Associa
Slide 8: Strategic Partnership with China Life
Strategic Partnership with China Life This transaction is the latest milestone in the strategic partnership between Shui On Land and China Life. On October 2, 2017, a subsidiary of China Life signed an Agreement to acquire 49% interests in the KIC Project for a total consideration of RMB2,949 mill