Gelonghui 24 November (Kingboard Holdings Limited)00148.HK) announced that on November 23, 2019, the company entered into a preliminary sale and purchase agreement with each buyer for the sale of a total of 2 apartments and 10 houses under the Junling project, with a total consideration of about HK $1.219 billion. As each buyer is a connected person of the company, the sales constitute a connected transaction of the company.

The buyers include: he Jianyin, daughter of Executive Director he Yansheng, Zheng Peilin, daughter of Executive Director Zheng Yongyao, Zhang Guorong, son of Executive Director Zhang Guorong, Zhang Jiacheng, son of Executive Director Zhang Guorong, Zhang Haoling, daughter of Executive Director Zhang Guangjun, Zhang Guanyi, son of Executive Director Zhang Guangjun, Zhang Guoqiang, brother of Executive Director Zhang Weilian, Executive Director Leslie Cheung and niece Zhang Songming of Executive Director Zhang Weilian, son of Executive Director Leslie Cheung and brother of Executive Director Zhang Jiacheng, Zhang Jiahao, Executive Director Leslie Cheung and sister-in-law Liao Meijuan of ╱ of Executive Director Zhang Weilian, Zhang Guorong and niece of Executive Director Zhang Weilian.

The Chun Ling Hui project is a noble residential property development project located in Kau to, Sha Tin, New Territories, which consists of 48 apartments and 56 houses. The project was launched for sale in November 2019. The Junlinghui project is a property project developed by the Group and is accounted for as a development property in the Group's financial statements.

Upon completion of the sale, the Group expects to record a gross profit of approximately HK $414 million (before tax and subject to audit) from the sales. The expected income is calculated on the basis of the total purchase price of the sale, after deducting the estimated development cost and estimated sales expenditure of the property to be sold. The net proceeds from sales will be accounted for as group profit. The Group currently intends to use the proceeds from sales for general working capital purposes.