Mysterious Private Enterprise Wins Assets of Yaxiya

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(SinoCast China Business Daily News Via Thomson Dialog NewsEdge) ZHENGZHOU, September 29, SinoCast -- On September 27, the highlighted credit assets of Zhengzhou Yaxiya Department Store (Yaxiya), which is a famous department store located in Zhengzhou, the capital city of China's central province Henan, is said to have been taken over by a mysterious local private enterprise.



The CNY 113.0529 million worth of credit assets of Yaxiya had been acquired by Henan Xingye Investment Development Co., Ltd. (Xingye Investment) at a price of CNY 34.7 million on September 14, even though widespread talks said Five Star Appliance, a subsidiary under the wings of the world's largest household appliance retailer Best Buy.

The local buyer, registered with CCNY 10 million of capital on August 2005, specializes in various businesses like real estate, enterprise acquisition consultation and assets disposal. As one of its three shareholders, Zhang Guiping, also the legal person of the company, has taken 70% stakes in it.

Copyright 2006 SinoCast LLC Source: Financial Times Information Limited -
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September 28, 2006 6:36 PM

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