Fang Enters into an Agreement to Acquire Equity Interests in CIH
BEIJING, Dec. 24, 2019 /PRNewswire/ -- Fang Holdings Limited (NYSE: SFUN) (“Fang”), a leading real estate internet portal in China, today announced that with the approval of the audit committee and the board of directors, it has entered into an agreement (Agreement) with Next Decade Technology Limited and Media Partner Investments Limited (together the “Sellers”) which are affiliated companies of Fang’s chairman Mr. 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. Its user-friendly websites support active online communities and networks of users seeking information on, and value-added services for, the real estate and home furnishing and improvement sectors in China. Fang currently maintains approximately 65 offices to focus on local market needs and its website and database contains real estate related content covering 658 cities in China. For more information about Fang, please visit http://ir.fang.com.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions, and include, without limitation, statements regarding Fang’s future financial performance, revenue guidance, growth and growth rates, market position and continued business transformation. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Fang’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, without limitation, the impact of Fang’s transformation back to a technology-driven Internet platform and the impact of current and future government policies affecting China’s real estate market. Further information regarding these and other risks, uncertainties or factors is included in Fang’s filings with the U.S. Securities and Exchange Commission. Fang does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
SOURCE Fang Holdings Limited