00201.HK announced that on 11 May 2022, Babenna Limited, a direct wholly-owned subsidiary of the Company, entered into the Sale and purchase Agreement with SYP Investment Limited as the Purchaser and the Company as guarantor for the performance of the seller's obligations, pursuant to which the Purchaser has agreed to acquire and accept the transfer, and the Vendor has agreed to sell the sales shares and transfer the sales loan to the Purchaser for a consideration of HK $900 million (subject to adjustment). After adjustment, it is expected that the maximum price payable by the buyer will not exceed 9%..200 million Hong Kong dollars.The target company is the sole legal and beneficial owner of the property.

The property is located at 338 Queen's Road West, Hong Kong (formerly known as 338, 340, 342, 344 and 346 Queen's Road West).Grand City Hotel"the hotel. The total gross floor area of the property is about 6..150000 square feet, built by a building于Completed in 2015, the 29-story hotel building consists of 214 rooms, a restaurant and multiple parking spaces. The property is held under a number of government leases for a term commencing on 1 September 1857 in 1999. The current government rent payable for the lot is HK $22 per annum.

On the date of the announcement, it is estimated that the group will achieve a net income of about 5. 5%.2.4 billion Hong Kong dollars. The total estimated proceeds and the net proceeds from the sale are about 5. 5% respectively.HK $3.1 billion and 5.HK $2.4 billion and is expected to be used as the working capital of the Group. 20% of the estimated net proceeds (about 1.HK $500 million) will be used as the working capital of the Group and the remaining 80 per cent (about 4 per cent) of the net proceeds.HK $1.9 billion) will be used for the acquisition of hotel properties in Hong Kong on or before December 31, 2022.