Yuexiu Properties announced on December 3, 2024 that it had signed an equity transfer agreement with the buyer to sell all the shares of its indirect wholly owned subsidiary Guangzhou Hongcheng Development Co., Ltd., with a transaction value of RMB1.092 billion. This transaction is not subject to shareholder approval and complies with the declaration and announcement requirements of Chapter 14 of the Hong Kong Listing Rules. The sale is expected to generate after-tax revenue of approximately $0.876 billion for the Group, which will be used to reinvest in its core business.Guangzhou Hongcheng Development owns office space and parking facilities located in Tianhe District, Guangzhou. Buyers are companies owned by the Asset Backed Securities Program, which is managed by CITIC Securities, which has issued...Show More

Yuexiu Properties announced on December 3, 2024 that it had signed an equity transfer agreement with the buyer to sell all the shares of its indirect wholly owned subsidiary Guangzhou Hongcheng Development Co., Ltd., with a transaction value of RMB1.092 billion. This transaction is not subject to shareholder approval and complies with the declaration and announcement requirements of Chapter 14 of the Hong Kong Listing Rules. The sale is expected to generate after-tax revenue of approximately $0.876 billion for the Group, which will be used to reinvest in its core business.Guangzhou Hongcheng Development owns office space and parking facilities located in Tianhe District, Guangzhou. Buyers are companies owned by the Asset Backed Securities Program, which is managed by CITIC Securities, which has issued a total of $1.413 billion in asset-backed securities. GUANGZHOU CITYJIAN SUBSCRIBED 30% OF THE ASSET-BACKED SECURITIES, WITH THE REMAINDER SUBSCRIBED BY OTHER INDEPENDENT THIRD-PARTY INVESTORS. The transaction will help Yue Xiu Properties optimize its asset structure and cash flow management.Under the Operations Management Services Agreement, Target will pay management fees and above-expected management rewards to Yuexiu merchants. This sale is in line with Yuyuxiu Real Estate's long-term development strategy and will accelerate the turnover of commercial properties and improve the efficiency of capital utilisation.