ABVC BioPharma signs term sheet to acquire real estate assets

ABVC BioPharma announced that it has signed a term sheet to advance a partnership with Zhonghui United Technology and its affiliated enterprises. The partnership contemplates a planned acquisition of real estate assets via an equity transfer, estimated at $7.4 million, all to advance the development of a large-scale health and wellness base in Chengdu, China. The planned partnership aims to establish an integrated platform to facilitate collaborations between researchers and industry leaders. ABVC intends to transfer common shares to Zhonghui at $20 per share in consideration for a twenty percent ownership of Zhonghui’s property near Chengdu, China, estimated at $37 million by a third-party valuation company and a piece of land Zhonghui currently owns in that same area.