Hony invests China Golden for Xian department stores
PRC buyout firm Hony Capital is investing into HKSE-listed China Golden Development Holdings through a convertible bond issue, to support the company's buildout of its department store operations in Xian.
The three target businesses in the transaction, Ginwa Saigao, Ginwa Nandajie and Ginwa Tangrenjie, were all established in 2008-09 and operate department stores and shopping malls in the historic city of Xian. China Golden has operated the Century Ginwa brand in China for some years, and the three entities' absorption is the latest in a series of similar deals by China Golden, which is now bringing in Hony as an investor to improve its working capital and provide additional investment expertise. The investment will be made from Hony's $1.4 billion 2008 Hony Capital Fund, and the exact amount and stake is as yet unconfirmed.
China Golden was first listed in Hong Kong in 2000 as I-Wood International Holdings, focusing primarily on wooden furniture manufacture, but has since apparently broadened its scope of business. Hony also reportedly recently invested a further $140 million into investee Changsha Zoomlion Heavy Industry, a construction machinery company.
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