Fang Holdings Limited, a leading real estate internet portal in China, recently announced that with the approval of the audit committee and the board of directors, it has entered into an agreement with Next Decade Technology Limited and Media Partner Investments Limited (together the "Sellers") which are affiliated companies of Fang's Chairman Vincent Mo to acquire certain equity interests in China Index Holdings Ltd. ("CIH").
Fang agrees to buy and the Sellers agree to sell, within the next 12 months, at a fixed price of US$5.99 per share, in an aggregate up to 15 million ordinary shares (mostly Class B) of CIH beneficially owned by the Sellers in the Agreement.
According to the Agreement, Fang will have the absolute and sole discretion to determine the number of shares to purchase, the timing of the purchase, and whether a single or a series of transactions.
Both parties also agree that Fang will not seek to gain a controlling voting power in CIH as a result of the proposed transaction, unless it is approved separately by the audit committee and the board of directors of each of Fang and CIH.
Fang operates a leading real estate Internet portal in China in terms of the number of page views and visitors to its websites. Through its websites, Fang provides primarily marketing, listing, leads generation and financial services for China's fast-growing real estate and home furnishing and improvement sectors.
SOURCE Fang Holdings Limited
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