Correction: Sino-Ocean Capital holds 6.36 percent of Dasin Retail Trust, not its manager, via affiliate Glory Class Ventures.
New Harvest Investments, an affiliate of Sino-Ocean Capital, has become a controlling shareholder of Dasin Retail Trust’s manager after Zhang Zhencheng, chairman and controlling shareholder of the Trust’s manager, completed the transfer of his shares, the trust said in a filing to SGX Tuesday.
“We are pleased to have established this strategic partnership with Sino-Ocean Capital, a leading real estate fund management company and reputable alternative asset management company in China,” Zhang said in the statement. “Together, we will jointly explore business opportunities and work together seamlessly to take the Trust into the next stage of growth.”
New Harvest now holds 70 percent of the issued capital of Dasin Retail Trust Management, the filing said.
Zhang, age 33, has resigned from his role as deputy chairman and non-executive director of the trust’s manager, the filing said.
Sino-Ocean Capital’s businesses include real estate investment, private equity investment, structured investment and strategic investments, the filing said.
Under the deal, which was announced in July, New Harvest acquired 70 percent of the manager from Zhang.
Sino-Ocean Capital holds 6.36 percent of Dasin Retail Trust via affiliate Glory Class Ventures.
Aqua Wealth Holdings, a controlling unitholder of Dasin Retail Trust, also granted a call option to New Harvest for a period of one year after the deal is completed over units in Dasin Retail Trust for either the lower of the total units held by Aqua Wealth or 26 percent of the units.