Evergrande Acquires New Media and to Rename it Evergrande Health

BEIJING, March 1, 2015 /PRNewswire/ — Evergrande has became the controlling shareholder of New Media Group Holdings Limited after its subscription of 648,000,000 shares of New Media, accounting for 74.99% of the total shares issued by New Media, at a price of HKD 950,000,000.00, according to the announcement made by Evergrande on the evening of Feb. 27. An original report from Sina Leju follows.

The announcement revealed that New Media Group Holdings Limited would be renamed Evergrande Health Industry Group Co. Ltd. to better reflect the business strategies of it.

According to the announcement, Evergrande’s subscription of 74.99% New Media shares held by Albert Yeung, controlling shareholder of New Media, was confirmed by Albert Yeung on Dec. 24, 2014 and closed on Feb. 27, 2015. In addition, New Medial has sold its property at NO. 82, Hung To Road, Kwun Tong, KLN., Hong Kong, a 10-storey industrial building, to Emperor International Holdings Limited (0163.HK) at a price of HKD 415,000,000.00 upon the agreement of both parties, and the subsidiary of Yeung’s holding company also subscribed 9.99% of the issued New Media shares at a price of HKD 10,300,000.00.

It has been reported before that Evergrande has acquired WONJIN Aesthetic Surgery Clinic, the largest aesthetic surgery hospital in Korea, and new branch of the Clinic was expected to be opened in Tianjin in the first half of the year. Evergrande’s acquisition of a listed Hong Kong platform and renaming it Evergrande Health Industry Group Co. Ltd. mark a prelude of the Group’s extension to health industry business which will be another important business of Evergrande apart from its major business, property development.