Yuexiu Property (00123.HK) announced that the acquisition of a 20% stake in the Phase 2 project of Pazhou Nan Public Transport Oriented Development (TOD) was approved by 100% of the shareholders at the general meeting. The relevant acquisition project is located on the top of the Chisha Vehicle Section of Guangzhou Metro Line 11, covering an area of 166,300 square meters, with a total allowable construction area of 419,400 square meters, which can be developed into residential and commercial buildings. The project has started construction in December 2023.

Yuexiu Property revealed that after the completion of the acquisition of the Pazhou Nan Phase 2 project, the total construction area of the TOD projects developed and operated by the company increased to about 3.89 million square meters. As for the company's high-quality land reserve in Guangzhou, it has increased to 10.38 million square meters. The contract sales of the TOD project in 2023 were approximately 27.37 billion RMB, accounting for about 19.3% of the company's total sales in 2023. Yuexiu Property stated that the business development of TOD projects will bring sustainable growth to the company, and this acquisition will also help enhance the company's market position and brand advantages in the Pazhou area.

In addition, the total consideration for this acquisition transaction is approximately 2.23 billion RMB, which has been approved by Yuexiu Property's independent shareholders and has met the preconditions for the acquisition agreement at the Yuexiu Property shareholders' meeting. (js/k)

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