Shenzhen Overseas Chinese Town (Asia) Holdings Limited has reportedly announced that its subsidiary Chengdu Chuangying Holdings has successfully completed its bid to buy a stake of Chengdu Sports Industry Co. Ltd for over RMB797 million (≈US122.97m), according to Sina Finance.

The potential deal, when it is sealed, will see the OCT Group add a sports sector to its portfolio by acquiring a 49% stake in Chengdu Sports Industry (CCI).Chengdu Culture & Tourism Development Group L.L.C will remain as the holding shareholder of CCI with 51% shares.

Having paid a deposit to Southwest United Equity Exchange, Chengdu Chuangying has to pay the rest in cash within three working days before the equity transfer agreement will officially take effect.

The to-be-completed deal will likely see another Chinese company, which has a strong presence in real estate, join the roster to tap into the growing sports industry in China.

Shenzhen Overseas Chinese Town Co., Ltd is a China-based company primarily engaged in tourism, real estate and the paper packaging business.

Source: Sina Finance

Proofread by John Devlin.