China Auto Logistics subsidiary to acquire Tianjin Zhonghe Auto Sales for $91.4M China Auto reported today that on November 30, its subsidiary, Tianjin Binhai Shisheng Trading Group signed an equity transfer agreement with Hezhong International Development to acquire Tianjin Zhonghe Auto Sales Service, the owner and operator of the Airport International Automall in Tianjin. The company plans to develop the Automall into a key site for what it believes can become one of the largest used car businesses in China. Following an initial payment of approximately $39.2M to be paid within 5 days of the signing, the remainder of the agreed purchase price of approximately $91.4M will be paid in three additional annual installments with an annual interest rate of 6%, after which 100% of the equity in the acquisition will be transferred to Shisheng. In the interim, Shisheng will have operating control of the Automall, although failure to complete all required payments on time could result in termination of the agreement.
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