As reported in an official statement released by Greentown China Holdings on December 28, its subsidiary company, Greentown Real Estate Group Company has purchased 50% shares in Zhejiang Greentown FC, a China League One club renamed from Hangzhou Greentown FC this month.
Prior to this deal, the club’s net worth up to May 31 2017 was assessed as RMB 663m. Reportedly, this acquisition deal cost Greentown Real Estate RMB 331m making Zhejiang Greentown FC a cooperative enterprise of Greentown China Holdings. Now, Greentown China Holdings have captured 90% shares in the club with the remaining 10% belonging to Zhejiang Greentown Education Investment Management Company Limited.
Founded in 1998, Zhejiang Greentown FC is the first ever professional football club in Zhejiang Province and also the only top-flight club in the province. In 2009, the club was renamed as Hangzhou Greentown FC and returned to its original name in December.
Over the past 19 years, the club has played in the Chinese Super League since 2007 and qualified for the AFC Champions League once in 2010. However, the club was relegated to the second-tier league, China League One, in 2016.
Proofread by Raymond Fitzpatrick