(BN) Cedar Agrees to S$936.2 Million Takeover With Chinese Developer+——————————————————————————+Cedar Agrees to S$936.2 Million Takeover With Chinese Developer2013-05-22 11:27:50.468 GMT By Pooja ThakurMay 22 (Bloomberg) — Cedar Strategic Holdings Ltd. agreedto a S$936.2 million ($742 million) reverse takeover transactionwith a Chinese developer to expand its property business in theworld’s second-largest economy.Cedar, based in Singapore, will issue 46.8 billion newshares to the owner of Trechance Holdings Ltd., a Hong Konginvestment holding company. Trechance and its units, which makeup the Hua Cheng Group, has completed more than 12 propertyprojects and has an area of about 4.9 million square meters ofland for development, according to the statement.”This catalytic transaction will successfully transformthe group into a significant regional property player,” CharlieIn, executive chairman of Cedar Strategic, said in thestatement. “The acquisition of Hua Cheng’s property businessescomplements our current property portfolio in Singapore, and isexpected to generate stable income revenue streams goingforward.”Hua Cheng’s projects are mainly in the Guizhou province,bordering the southern part of Sichuan. The proposed acquisitionwill result in a “very substantial acquisition” or “reversetakeover” of the company, Cedar said in a statement to theSingapore stock exchange, citing local listing rules.Cedar appointed Jones Lang LaSalle Corporate Appraisal andAdvisory Ltd. to conduct an independent valuation, it said.–Editors: Linus Chua, Shamim Adam