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(Hong Kong, October 12, 2016) China Overseas Hongyang Group Co., Ltd. (hereinafter referred to as "China Overseas Hongyang" or "the company"); Share code: 00081. HK) announced that CNOOC Hongyang and China Overseas Development Co., Ltd. (hereinafter referred to as "China overseas development") have reached an agreement: CNOOC Hongyang will acquire China overseas development target group, whose property portfolio is mainly located in the third tier xinxingcheng city of China. The target group will become an indirect wholly-owned subsidiary of the company after the acquisition, and the financial performance of the target group will be consolidated in the financial statements of the company

the initial price of the acquisition project is RMB 3.516 billion (equivalent to HK $4.103 billion), which can be adjusted to the final price on the premise that the amount is not more than 105% and not less than 95% of the initial price. The final consideration will be paid by the company to China Overseas Development in cash upon completion, and will be settled by the company's internal resources and / or external debt financing. In addition, the relevant member companies of the target group are expected to owe the relevant lender of China Overseas Development Group about RMB 7653 million (equivalent to about HK $8930 million) on the completion date, and the relevant member companies of the target group will continue to owe the relevant lender of China Overseas Development Group after completion

CNOOC Hongyang acquired the property portfolio of China overseas development target group from China overseas development, with a total construction area of about 9.52 million square meters, mainly including residential property development projects in China's emerging third tier cities (including Yangzhou, Huizhou, Huangshan, Weifang, Zibo, Jiujiang and Shantou). According to the soil reserves in the company's 2016 interim report, the completion of this transaction will bring about a doubling of the company's soil reserves

the property portfolio of this transaction is quite large and in different stages of development and operation, which can contribute to the company's profits. The acquisition is a strategic expansion to promote the business growth of CNOOC Hongyang in the next few years. The initial market valuation of the target group's property portfolio as at September 30, 2016 is estimated to be about RMB 20 billion by the company and overseas China development

after the completion of this transaction, it will consolidate the position of Zhonghai Hongyang as a leading property developer in China's third tier cities. The land reserve of Zhonghai Hongyang will be greatly increased and the company will obtain the quality and scale property portfolio of China's overseas development at one time, so as to enhance the land reserve of the company in the emerging third tier cities with leading investment value and great growth potential. This transaction is in line with the company's business strategy and asset allocation in cities with investment value. The acquisition has strategic importance and synergy benefits for both the company and China's overseas development

through this transaction, China overseas development still retains all the issued shares of the company, owns about 37.98% of the equity and is the controlling shareholder of the company. China overseas development will continue to share the development opportunities of fast-growing cities in mainland China through the company

Looking forward to the future, CNOOC Hongyang will continue to focus on the rising cities with the most investment value and development potential, and develop a full range of targeted high-quality property products to meet the unique needs of different regions and customers

Note: all data about China overseas development target group are provided by China Overseas Development seller and have not been independently verified by the company