According to Zhitong Finance App, Crown Global Group (00727) announced that in August 2022, Zhongshan Hualian Industrial Development Co., Ltd. (Zhongshan Hualian), a wholly-owned subsidiary of the company, signed 11 sales agreements with the buyer in the open market. Zhongshan Hualian sold investment properties to 11 buyers at a total cost of RMB 381 million.

According to reports, the tenders for the sale were a number of residential and commercial properties located at Daxing Haoyuan, No. 69, Zhongshan 3rd Road, East District, Zhongshan City, China. The construction was completed in June 2019.

The announcement said that investment properties have been idle for many years, have no income, and require large expenses to maintain investment properties. In view of the decline in demand for property purchases in China since the beginning of COVID-19 and the turbulent and continuous deep adjustments in the Chinese property market, the company faced financial difficulties and received payment petitions against the company. As a result, the sale provided the funds needed to grow the business.