Eminence Ent (00616.HK) announced that it has entered into a temporary sale and purchase agreement with an independent third party developer, and will sell a retail property located at G/F, 148 Johnston Road, Wan Chai for a price of HKD 36 million. The property has a usable area of approximately 516 sq ft and a courtyard of approximately 62 sq ft. It is expected that both parties will sign a formal sale and purchase agreement on or before July 12th, with an estimated loss of approximately HKD 15 million confirmed for the sale. The proceeds will be used to strengthen the Group's financial position and as general working capital.

The property is currently leased for a term of five years, with a monthly rent of approximately HKD 120,000, and the lease will expire at the end of April next year.