Friendship & Apollo Merges with Zhongshan Corporation

After the transfer of assets, Hunan Friendship & Apollo Company plans to launch the renovation and expansion project of Zhongshan Commercial Plaza (presently known as the Changsha Branch of Spring Department Store) with an investment of 600 million yuan. It will take two years to build the new-look Spring Department Store.

On the afternoon of February 25, Changsha State-owned Commercial Assets Management Co., Ltd., the Hunan Friendship & Apollo Holding Co., Ltd. (Friendship & Apollo) and Changsha Zhongshan Corporation signed a tripartite agreement on the merger of Zhongshan Corporation by Friendship & Apollo in way of undertaking the debt. After publicly applying for its assets to be transferred for nearly six months, Zhongshan Corporation is finally delisted and transferred to Friendship & Apollo at the price of 400.3667 million yuan, which is 80% of the previous bulletin price 500.4584 million yuan. According to Hu Zijing, board chairman of Friendship & Apollo, a brand new Spring Department Store will be presented to the citizens three years later.

Translator: Xie Lingli