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China auto rental 25.5 million acquisition of East China rentals

Reporters yesterday from Shanghai East China Industries Limited (hereinafter referred to as East China industrial) was informed that its wholly-owned subsidiary of Shanghai East China car rentals limited (East rental) sold at a price of 25.5 million Yuan to the China auto rental (China) Limited (China auto rental), East China industrial Shanghai International Group, according to the Group's curbs on non-financial assets, the next East China industry other non-financial assets will continue to split.
China auto rental is the nation's largest car rental company, Legend Holdings 1.2 billion yuan capital injection was granted in August this year, China auto rental legend's capital injection will be used to further expand the scale of companies, including buy rental car companies all over the country through mergers and acquisitions.
Shanghai International spin off non-core business
East China industry told reporters yesterday, good rental business in East China, arrangement of the divestiture is in compliance with company Shanghai International Group, Shanghai International Group, a new position was developed as strategic control model of investment groups in the financial investment industry, so stripped of non-financial assets are in full swing, car rental business was split for has nothing to do with the financial industry.
In July this year, East China leasing company up for sale on the Shanghai United assets and equity exchange, 100% shares and bonds listed for a total of 25.5 million Yuan, many in East China are interested in leasing companies to purchase.
"Select China auto rental meets the requirements of State-owned asset increment, the original East leasing assets, equipment, and personnel will transfer to the China auto rental, has been delivered complete. "The person told reporters, East China industry of other non-financial assets will continue to split, the company's new business will locate the financial sector industry," what business group is working on, has not been decided. "
China auto rental Shanghai market
China auto rental company told reporters yesterday, takeover lease rental would make Shanghai in East China area qualifications and hundreds of leasing a vehicle licence in Shanghai area, but also access to rental customers in the Yangtze River Delta area in East China.
China auto rental Vice President and General Manager of East China Hu Haibin said deals have been completed so far, company name change as soon as possible, on behalf of the China auto rental open.
Car rental market in China has been tepid in the past, but this year the capital is frequently injected in the car rental industry. In August, Goldman Sachs led a consortium of Shanghai Hi car leasing investment of 70 million dollars, legend was later announced by equity plus debt to China auto rental capital of 1.2 billion yuan, holding the China auto rental. China auto rental became associate members of the controlling family, also an important pillar of legend holdings, the development of modern service industry enterprises.
China auto rental, said the company is more than a month the speed of vehicles purchased new cars, fleet will surpass 10,000 by the end of vehicles, expected within four or five years the scale of 100,000 vehicles, through rapid expansion to boost competitiveness.

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