Doxen and Chongqing Tongyuan sign MOU
An MOU has been signed by Doxen and Chongqing Tongyuan.
The Doxen Energy Group has signed a memorandum of understanding (MOU) for the acquisition of 62 per cent of the equity interest in Chongqing Tongyuan Real Estate Development.
It is hoped the contract negotiations required for the MOU will enable Doxen to expand into China's residential and commercial property market.
Jiangsy Huaxi Group Company owns the remaining 38 per cent of Chongqing Tongyuan's equity interest.
Doxen recently indirectly acquired 70 per cent of the equity interest in Chongqing City's Dong Dong Mall from Chongqing Tongyuan chairman Lo Siu Yu and the enterprise is continuing to look for real estate projects to invest in.
The mall began operating in June 2011 and contains a relaxation centre, shopping arcade, restaurants, fashion boutiques and other amenities.
Overall, the majority of Doxen's transactions take place in China and Hong Kong and utilise local currencies. It does not currently use any derivative financial instruments when hedging its exposure to the risks of foreign exchange rates.
Posted by David Gleck
Source: Doxen press release, August 3rd