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Beijing Vantone rises on acquisition deal

(Xinhua)
Updated: 2009-11-19 11:22

Beijing Vantone Real Estate Co (BVRE) rose on Thursday morning after it announced to buy the stake the Chengdu Jiaoda Real Estate takes in another property developer.

Related readings:  Housing value ranking 'insensitive' to public concern  PICC expands to real estate investment  China Center to be established in New York's famous building Vantone's net income doubles

BVRE shares gained 1.19 percent to 11.95 yuan as of 9:51 am in the morning trade.

BVRE would pay 71.15 million yuan ($10.42 million) in cash buy the 49 percent stake Chengdu Jiaoda held in the Chengdu Vantone Shishang Co Ltd, a joint venture between Vantone and Jiaoda, according to its statement to the Shanghai Stock Exchange late Wednesday.

The deal would make BVRE the 100 percent stake holder of the Chengdu Vantone Shishang, which was established in October of this year with BVRE taking 51 percent stake and Chengdu Jiaoda taking the rest.