On September 25, Caixin learned (Reporter: Wang Haichun) that cg services transferred part of its equity in Wanda Commercial Management.

According to the announcement released by Country Garden Services, on September 24, Country Garden Property Hong Kong, an enterprise under the company, entered into a supplemental agreement with Zhuhai Wanying and Dalian Wanda. As per this agreement, Country Garden Property Hong Kong agrees to sell, while the Wanda side agrees to acquire shares of Zhuhai Wanda for a price of 3.142 billion yuan. The sale of shares this time accounts for approximately 1.49% of the target company's total share capital.

Public information shows that Country Garden Property Hong Kong is an indirectly wholly-owned subsidiary of Country Garden Services; as of the date of the above announcement, Zhuhai Wanying is a wholly-owned subsidiary of Dalian Wanda, mainly engaged in corporate headquarters management, corporate management consulting, and investment activities with its own funds.

The cooperation between Country Garden Services and the Wanda group started several years ago.

In July 2021, Country Garden Property Hong Kong purchased 130,055,000 shares of the target company (equivalent to approximately 1.79% of the total share capital) from Zhuhai Wanying at an initial purchase price of about 3.23 billion yuan.

According to the existing investment agreement, Country Garden Services has prematurely transferred its equity, realizing the stipulated returns. As of September 24, Country Garden Property Hong Kong still holds around 0.31% of the equity in Wanda Commercial Management.

As per the information disclosed by Country Garden Services, compared to the acquisition date agreed among the parties in Supplemental Agreement (II) (i.e., no later than December 31, 2024), the early completion of the sale allows the Wanda side to fulfill its obligation to repurchase target shares under Supplemental Agreement (II), providing an appropriate timing for Country Garden Services to realize investment returns.

According to CG Services, after deducting the initial investment cost of the target shares confirmed by the company, it is approximately 2.681 billion yuan, and this transaction is expected to increase the net value of the group's assets by approximately 0.461 billion yuan (unaudited).

Regarding the reason for this transaction, CG Services stated, "The sale is for the strategic focus and reduction of the financial investment scale of the group, according to the investment exit plan to resell shares, which will help the group retrieve funds, focus on operating the core business of the group."

At the time of CG Services transferring 1.49% equity of Wanda Commercial Management Group, Country Garden Holding Company also signed a supplemental agreement with Wanda Commercial Management Group.

It is understood that in December last year, Country Garden signed an agreement with Wanda Commercial Management and Zhuhai Wanying, transferring the equity held by Country Garden in Zhuhai Wanda Commercial Management at a price of 3.069 billion yuan.

According to the announcement released by Country Garden Holding Company on September 24, the price of the sale remains unchanged at 3.069 billion yuan.

Country Garden Holding Company stated that as of the date of the announcement, the first delivery date has occurred. Accordingly, Country Garden's wholly-owned subsidiary, Jinyi Global, and the acquirer have transferred the first target shares and made the first payment respectively according to the agreement. In accordance with the supplemental agreement, the payment arrangements (including the arrangements for the second and third payments) and the transfer of the target shares in the second phase under the agreement will be revised.

Regarding the supplemental agreement for the 3.069 billion yuan sale of a 1.79% equity stake in Zhuhai Wanda Commercial Management as disclosed by Country Garden Holding Company on September 24, Country Garden Group responded to reporters on September 25 that the supplemental agreement signed with Wanda on the equity transfer was a flexible adjustment to the original agreement on payment and delivery arrangements, following friendly negotiations between the two parties and in response to the actual procedures involved by the Exchange. The originally agreed transaction price of 3.069 billion yuan and other major terms of the sale remain unchanged.

"Through the signing of this supplemental agreement, both parties can smoothly advance the subsequent unfinished transaction procedures, which better aligns with the overall interests of the company and all relevant stakeholders," said Country Garden Group.

In terms of sales performance, country garden's disclosed data shows that in August 2024, a total of approximately 3.43 billion yuan in contract sales amount attributable to the company's shareholders' equity was achieved for the month. In addition, country garden told reporters that in the first 8 months of 2024, the total equity sales amount of the company was approximately 32.8 billion yuan.

In terms of delivery and completion, according to information disclosed by country garden on September 19, 2024, in the first half of 2024, country garden's Guangqing area delivered a total of 5826 sets of houses, with a cumulative delivery area of 0.7076 million square meters, achieving a delivery rate of 100% as scheduled. In July-August 2024, the Guangqing area delivered over 2000 sets of houses.