On September 27, Gelonhui announced that Guangshen Rail (00525.HK) signed a "Cooperative Development Framework Agreement" with Confidence Property (Guangdong) Co., Ltd. ("Confidence Property Company") on the comprehensive development project of the No. 27 railway land on Lianquan Road, Guangzhou on September 27, 2024.

The signing of the framework agreement is to fully leverage the advantages of both parties in terms of funds, resources, technology, and management, and jointly promote the comprehensive development and utilization of railway land, which is beneficial for improving the efficiency and benefits of railway land use, and realizing the preservation and appreciation of railway land assets. This cooperation and project development will not change the company's main business or scope of operation, will not affect the company's independence, and will not harm the interests of the company and shareholders.