世联地产与北方信澳（A）：世联地产谈判人员的机密信息

In 2009 September, the negotiations between WorldUnion and its acquisition target North XinAo came to a standstill. Based in Shenzhen, WorldUnion was a comprehensive real estate service provider, the first listed company in its industry in China. The company’s chairman, Chen Jinsong, and his management team had developed a strategy of expanding to different local markets through acquisitions. Meanwhile, as the largest real estate service enterprise in a northern province, North XinAo was totally owned by its chairman Ke Xincheng, the general manager, and the deputy general manager, all of whom hoped to sell their equities as soon as possible. As for WorldUnion, the acquisition of XinAo was of great significance to its implementation of the expansion strategy. Although the two companies had great differences in the price and the equity ratio, they did not want to give up on the talks, hoping to return to the negotiating table. Case (A) describes, from the perspective of WorldUnion, the negotiation principles based on purchasing price, proportion of equity purchased, and payment terms, whereas Case (B) describes, from the perspective of North XinAo, the ideal outcome of the negotiations with respect to the selling price, proportion of equity sold, payment terms, exit strategies, etc. This case can be used in courses on negotiation for MBA, EMBA, and Senior Executive programs.