Zhittong Finance APP news, Kinetic Dev (01277) announced that on June 6, 2024, its indirect wholly-owned subsidiary, Power-Qinhuangdao, and Guangzhou Hengyi signed a third supplemental agreement for the sale of the 2024 target property. According to this agreement (which includes): (i) Hengyi Guangzhou shall transfer the target property for the year 2024 to Power-Qinhuangdao, with a total consideration of RMB 45 million; (ii) the sales tax payable on the transfer of the target property for the year 2024 by Hengyi Guangzhou has been paid by Power-Qinhuangdao in the amount of RMB 41.84 million and will be deducted from the total consideration of RMB 45 million, thus the net consideration payable by Power-Qinhuangdao for the acquisition of the target property for the year 2024 is RMB 40.816 million. The net consideration shall be offset against the previously paid outstanding amounts of money and deducted therefrom; (iii) the latest outstanding amounts of money already paid as offset pursuant to (ii) above is RMB 542 million; (iv) the 2024 target property with a distribution cost of RMB 40.89 million will no longer be sold to Power-Qinhuangdao upon termination; and (v) the rights and obligations of the 2024 termination property under the 2022 property purchase agreements between the 2024 agreement seller and Power-Qinhuangdao (as amended by the supplemental agreements and the second supplemental agreement) shall be terminated, effective from the date of the third supplemental agreement.

The 2024 target property includes six commercial property units located at 16 Huaxia Road, Tianhe District, Guangzhou, Guangdong Province, with a total built-up area of approximately 1,182.0 square meters.

In addition, on the same day, the company entered into an MOU with Mr. Zhangliang and Seedland Smart Service, pursuant to which, inter alia, the company officially confirmed its intention to acquire 100% equity interest in Seedlife from Seedland Smart Service. Mr. Zhangliang and Seedland Smart Service agreed to assist the company in conducting due diligence on Seedlife; and the company will transfer HKD 25 million to Mr. Zhangliang and Seedland Smart Service as a deposit for the acquisition.

Based on the company's current information, Seedlife is a limited company incorporated under the laws of the British Virgin Islands and is directly owned by Seedland Smart Service, operating property management services in China through its subsidiaries.