Raffles Education to divest Hebei land and property

It'll enter into a 70-30 JV.

According to OSK, Raffles education's subsidiary, Hebei Oriental Zhuyun will sell land use rights and property in China's Hebei province to Langfang He Ying Property development through a joint-venture firm and an irrevocable put option agreement to sell its 70% share in the JV to its partner at an exercise price of RMB700m.

Here's more:

Raffles education's unit will own 70% and the other 30% owned by He Ying with regards to the joint- venture firm tentatively to be named Langfang He Zhong Property Development Co.

Hebei Oriential Zhuyun will inject land and property valued at SGD98.3m into the JV firm which will have a registered capital of SGD68m while He Ying will inject RMB100m in cash as its capital contribution for its share of equity.

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