According to the Zhitong Finance App, Qusi Holdings (08173) announced that on November 4, 2022, BTR (HK) Limited (buyer), an indirect wholly-owned subsidiary of the company, intends to acquire 50% of the issued share capital of the target company (Yunyi Investment Co., Ltd.) from the seller Yu Zhenhua at a cost of HK$11.2 million.
The target company is a property holding company that mainly engages in the ownership of properties and does not engage in any other business or activity. The property includes a plot of farmland currently vacant on the north side of Lam Kam Road in Yuen Long District, New Territories. The property has a land area of approximately 13,900 square feet.
The acquisition represents a valuable investment opportunity for the Group. The board believes that in the long run, the value of the property will benefit from the Hong Kong government's strategy to develop the northern metropolis.