On November 26, 2023, Glorious Securities announced that Starjoy W&T (03662.HK) entered into an equity transfer agreement with the buyer (a wholly-owned subsidiary of the company), whereby the seller conditionally agreed to sell and the buyer conditionally agreed to acquire all equity of the target company, Guangzhou Puhou Property Co., Ltd., for a cash consideration of RMB 600,000.

Upon completion, the group will inject RMB 30 million into the target company.

The business scope of the target company includes (among others) property management, real estate brokerage, and real estate consulting services.

The properties (referring to the properties located at 108 Huangpu Avenue West, Tianhe District, Guangzhou, Rooms 2101–2104 collectively) are located in the conveniently accessible Tianhe District, which is one of the most important commercial centers in Guangzhou. The group plans to hold these properties for self-use and investment purposes through the acquisition and injection of funds, and may lease them out after completion to generate rental income. The purchase price per square meter in the judicial auction was lower than the market price, thus it is considered to have asset appreciation potential. By using part of the properties as a self-use office while renting out the remaining portion, the group expects to benefit from savings in rent and operating costs, as well as the income from asset appreciation. Based on the above, the board of directors believes that the acquisition and capital injection will have a positive impact on the group.