Vision Tech EGM Passes Acquisition of Shanghai Land to Develop New Cemetery of over 20 Billion Worth
HONG KONG, Jan. 12 /PRNewswire-Asia/ -- The board of directors of Vision Tech International Holdings Limited ("Vision Tech" or the "Company", SEHK: 00922.HK) is pleased to announce that the Company will acquire 55% equity right of a funeral project in Jin Shan, Shanghai, with a total consideration of HK$2 billion. The acquisition has been approved on the special general meeting today. All procedures are expected to be completed by the end of the month.
PRC is facing increasing aging problem with a shortage of cemetery, bring forth a huge business opportunity for the industry player. The mortality rate of the PRC for 1999 and 2007 were 0.65% and 0.69%, representing an increase of 12.69%. The mortality rate for Shanghai in 2007 was 0.74%, representing an average of hundreds of thousands of deceased every year. The potential for cemetery in the city is tremendous. The cemetery is planned with a total area of approximately 1,000 mu and will provide up more than 800,000 burial sites. Apart from the sales of burial site, Vision Tech also provides one-stop services with repair and maintenance, and tomb stones designed to fit the family's will.
Mr. Earnest Leung, CEO of the Company, said they would like to develop a cemetery with innovative management concept and personalized services: "Birth, birthday, wedding and funeral are the 4 most important ceremonies for Chinese. Cemetery is a necessity for all of us. The Company's cemetery in Shanghai will adopt the Shanghai style design, and will be divided into 4 main parts: warm, bright, peaceful and tranquility." Mr. Leung said, the Shanghai project will be the Company's showcase and will consider expanding the cemetery business to other major cities in China once the acquisition is completed.
About Vision Tech International Holdings Limited
Vision Tech International Holdings Limited is listed on the main board of Hong Kong Stock Exchange in December, 1999, stock code 00922.HK. Vision Tech is in the business of distribution of consumer electronic products and home appliances in Hong Kong, with coverage extended to the US, Europe and emerging markets in central Asia. Its solid regime of products now includes high-end audio-visual products such as LCD TV, DVD combos and iPod accessories, etc., which it distributes worldwide. Vision Tech has been developing a leading cemetery with innovative idea and business model since October 2009. The company will treat Shanghai as a stepping stone and expand to other major cities in China.
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Alex Wong / Casey Tang
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SOURCE Vision Tech International Holdings Limited
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