Fong's National Engineering has acquired Foshan City Chanhuade

Fong's National Engineering (Shenzhen) Company Limited, a wholly owned subsidiary of CHTC Fong's Industries Company Limited, has acquired Foshan City Chanhuade Information Technology Limited from Beijing Huade Investment Co Ltd and Foshan City Huiyin Jinsheng Investments Co Ltd. for US$23.5 million.

Fong's National Engineering (Shenzhen) Company Limited is a wholly owned subsidiary of CHTC Fong's Industries Company Limited, a company incorporated in Bermuda with limited liability and its shares are listed on the Main Board of the Stock Exchange in Hong Kong. The group is principally engaged in the manufacture and sale of dyeing and finishing machines, trading of stainless steel supplies and the manufacture and sale of stainless steel casting products.

Foshan City Chanhuade Information Technology Limited is an investment holdings business. The company holds 13.26% equity interests in Hengtian Real Estate, which is principally engaged in real estate development with a number of property development projects in the PRC.

Beijing Huade Investment Co Ltd and Foshan City Huiyin Jinsheng Investments Co Ltd are both investment holding companies with interests in the real estate property sector in China.

Oaklins' team in Hong Kong advised the buyer in this transaction.