Excellence cm (06989.HK) announced that its wholly-owned subsidiary, Excellence Property, will indirectly transfer all equity interests of Shenzhen Zhuo Tou Small Loan, an indirect wholly-owned subsidiary of Excellence Real Estate, to Excellence Property for 0.338 billion yuan (below), the group is not expected to record any profit or loss from the sale. The group will use the proceeds of approximately 86.31 million yuan received from the sale as general operating funds.

At the same time, Excellence Property acquired 50% equity interest in Shenzhen Excellence Real Estate Investment and the business apartment at No. 39, Pinglin Road, Daping Forest, Tangxia Town, Dongguan (offset asset) from Excellence Real Estate for a total consideration of 0.251 billion yuan.

Shenzhen Excellence Real Estate Investment's remaining 50% equity interest is held by Vanke (02202.HK), mainly engaged in self-owned house rental, domestic trade, parking management, entrusted asset management, investment management, and business information consulting. The target assets include three buildings, namely, a 100-meter-high main building and two 50-meter-high twin towers, as well as a sunken garden square with a total construction area of 90,713.34 square meters in the Wujiaochang Central Area of Shanghai.

The company believes that the sale will divest non-core businesses, focus on developing core business, benefit the healthy and sustainable development of the company, and safeguard the interests of shareholders.

Excellence Property is indirectly owned by the company's controlling shareholder, Li Hua, and executive director Li Xiaoping, with 95% and 5% equity stakes respectively.