LionHub Group (ASX:LHB) has acquired its second technology park in China and is raising about $13 million through a placement of shares priced at $0.22.
First land sales at the Lu’An Singapore Creative Ecological and Industrial Park will be a priority with construction targeted to begin before the end of 2015.
The 1.92 square kilometre Eco-Park has been valued at between $13 million and $15 million. It will comprise a range of property types including residential developments, commercial, industrial, incubator as well as warehousing and logistics facilities.
Lu'An city is located 50 kilometres west of the new Hefei Xin Qiao International Airport and the Eco-Park is located in the 'Eastern New Town' which is currently being developed by the Lu'An city government.
To acquire the project, LionHub will issue 59 million shares at $0.22 each, a 37.5% premium over the company’s 30-day weighted average price of $0.16.
Its flagship Xuancheng Singapore Technology Park, which is also situated within the Anhui province, recently received approval of its Master Plan from the Urban and Rural Bureau of Xuancheng City.LionHub had $3.2 million in cash as at 30th June 2015.
