Jimei to purchase residential property in Australia

Junket operator Jimei International Entertainment announced that through its subsidiary has agreed to acquire a residential property in Perth, Western Australia, for AUD2 million.

The transaction will be made through Innovative Era Limited, a wholly-owned subsidiary of the junket investor, for an apartment located in Burswood, Western Australia. The Property is a residential property and will be paid for in cash.

“An initial deposit of AUD100,000 (equivalent to approximately HK$580,000) shall be deposited with the Vendor’s solicitor within 7 days upon signing of the Contract of Sale; and...the remaining balance of AUD1,900,000 (equivalent to approximately HK$11,020,000) shall be paid to the Vendor on the Completion Date.”

 The company says the acquisition will enable the group “to cope with the need to accommodate the increasing number of operating staff in Western Australia in view of the Group’s increasing operation size in Western Australia.”

The property will also cut down on expenses needed to house its staff in hotels and other types of accommodation, ”and hence a better control of the Group’s operation expenses in the long run,” the company added.

 

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