Yuexiu Property signed a land acquisition agreement with the Guangzhou Land Development Center on November 13, 2024, agreeing to transfer the land use rights of the Daguanwei plot in Guangzhou to the latter for approximately RMB 1.529 billion. The transaction exceeds 5% but is below 25% of the maximum applicable percentage and, according to Chapter 14 of the Listing Rules, qualifies as a disclosure-required transaction. After the land acquisition is completed, the Guangzhou Land Development Center will proceed with the subsequent transfer. Bai Cheng Investment, a non-wholly-owned subsidiary of Yuexiu Property, will apply for compensation from the Guangzhou Land Development Center upon receiving the land transfer payments from the subsequent transferees. The implementation of this land acquisition agreement is subject to the fulfillment...Show More

Yuexiu Property signed a land acquisition agreement with the Guangzhou Land Development Center on November 13, 2024, agreeing to transfer the land use rights of the Daguanwei plot in Guangzhou to the latter for approximately RMB 1.529 billion. The transaction exceeds 5% but is below 25% of the maximum applicable percentage and, according to Chapter 14 of the Listing Rules, qualifies as a disclosure-required transaction. After the land acquisition is completed, the Guangzhou Land Development Center will proceed with the subsequent transfer. Bai Cheng Investment, a non-wholly-owned subsidiary of Yuexiu Property, will apply for compensation from the Guangzhou Land Development Center upon receiving the land transfer payments from the subsequent transferees. The implementation of this land acquisition agreement is subject to the fulfillment of several conditions, including land ownership cancellation registration, personnel withdrawal, soil pollution remediation, etc., not all conditions have been met. Yuexiu Property stated that this land acquisition will not have a significant adverse impact on the group's operation and management, and the compensation amount is fair and reasonable, beneficial for the group's resource optimization and future development. The group expects to record a pre-tax net loss of approximately RMB 1.059 million due to the land acquisition.