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Financial Street takes over Desheng Investment

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2008-12-24 12:58

Financial Street Holding Co Ltd, a Shenzhen-listed property developer， has forked out 347 million yuan ($50.66 million) to take over Beijing Desheng Investment Co, the company said in a statement to the Shenzhen bourse on Dec 23.

This is the latest in a string of acquisitions by Financial Street, following its 1.6 billion yuan acquisition of a commercial project in Xidan, Beijing, last week. Since September the company has spent 4.6 billion yuan in taking over Beijing property projects.

The top management of Financial Street earlier said that the company had allocated a 10 billion yuan fund for acquisition purposes. The successful launch of 5.6 billion yuan of corporate bonds has eased the company's cash flow. "We will mainly target commercial property projects," said company spokesperson Lu Guoqiang.