On September 2, 2024, yuexiu property's non-wholly owned subsidiaries, Guangzhou Xinxiu and Guangzhou Chengjian, signed a land storage agreement with the Guangzhou Land Development Center for the land use rights of the Jinnan University North Side Plot Two lands to be transferred to the Land Development Center for a consideration of RMB 5.003 billion. The compensation will be paid in the form of promissory notes, with the Guangzhou Land Development Center and Panyu District Land Development Center paying 27.75% and 72.25% of the compensation amounts respectively. It is expected that the comprehensive assets value of this group will decrease by approximately RMB 1,743,800. The land storage is to optimize land use efficiency and will not have a significant adverse impact on the group's...Show More

On September 2, 2024, yuexiu property's non-wholly owned subsidiaries, Guangzhou Xinxiu and Guangzhou Chengjian, signed a land storage agreement with the Guangzhou Land Development Center for the land use rights of the Jinnan University North Side Plot Two lands to be transferred to the Land Development Center for a consideration of RMB 5.003 billion. The compensation will be paid in the form of promissory notes, with the Guangzhou Land Development Center and Panyu District Land Development Center paying 27.75% and 72.25% of the compensation amounts respectively. It is expected that the comprehensive assets value of this group will decrease by approximately RMB 1,743,800. The land storage is to optimize land use efficiency and will not have a significant adverse impact on the group's operational management. The board of directors believes that the land storage is beneficial for the group to optimize resource utilization, and in the long run, it will be advantageous for the group's future development. After the land storage is completed, the group plans to participate in land transfers in the Panyu District in the future, on the condition that participation in the relevant land transfer is in the overall best interests of the company and shareholders. As of June 30, 2024, the total assets of this group are approximately RMB 423.5 billion, with a total land reserve construction area of about 25.03 million square meters. The directors (including independent non-executive directors) believe that the terms of the land storage are fair and reasonable and are in the overall interests of the company and shareholders.